ImmuCell Announces Profitable Financial Results

PORTLAND, ME--(Marketwire - Aug 13, 2012) - ImmuCell Corporation (NASDAQ: ICCC) today announced the results of its operations for the three-month and six-month periods ended June 30, 2012. 

"Based primarily on increased gross margin from sales of First Defense^® and the planned reduction in Mast Out^® product development expenditures, we returned to profitable operations during the three-month and six-month periods ended June 30, 2012 for the first time since the first quarter of 2008," commented Michael F. Brigham, President and CEO. "In this extremely challenging dairy economy with a record low milk-to-feed price ratio, we experienced a 17% drop in sales of our lead product, First Defense^® during the second quarter of 2012 in comparison to the same period in 2011, but sales of this product during the twelve-month period ended June 30, 2012 are up 5%."

Net operating income was $37,000 during the three-month period ended June 30, 2012, in contrast to a net operating loss of ($433,000) during the same period in 2011. Net income was $15,000, or less than $0.01 per share, during the three-month period ended June 30, 2012, in contrast to a net loss of ($258,000), or ($0.09) per share, during the same period in 2011.

Net operating income was $319,000 during the six-month period ended June 30, 2012, in contrast to a net operating loss of ($450,000) during the same period in 2011. Net income was $170,000, or $0.05 per share, during the six-month period ended June 30, 2012, in contrast to a net loss of ($281,000), or ($0.09) per share, during the same period in 2011.

During the three-month period ended June 30, 2012, product sales decreased by 6%, or $72,000, to $1,175,000 in comparison to the same period in 2011. During the six-month period ended June 30, 2012, product sales increased by 3%, or $89,000, to $2,892,000 in comparison to the same period in 2011. 

Cash, cash equivalents and short-term investments increased by 1%, or $54,000, to $5,014,000 at June 30, 2012 as compared to $4,960,000 at December 31, 2011. Stockholders' equity increased by 3%, or $237,000, to $9,258,000 at June 30, 2012 as compared to $9,020,000 at December 31, 2011. The Company had 3,019,000 shares of common stock outstanding as of June 30, 2012.

"The big news for us recently is the July 19, 2012 announcement that we received a Complete Letter from the FDA relating to the Effectiveness Technical Section of our New Animal Drug Application for Mast Out^®," further commented Mr. Brigham. "This significant accomplishment by our product development team is a major step in bringing Mast Out^® closer to commercialization." 

			(Unaudited) Three-Month Periods Ended June 30,								(Unaudited) Six-Month Periods Ended June 30,
(In thousands, except per share amounts)			2012				2011				2012				2011
Product sales			$	1,175			$	1,247			$	2,892			$	2,803
Costs of goods sold				505				553				1,209				1,240
	Gross margin			670				694				1,683				1,563
Product development expenses				212				673				460				1,145
Sales, marketing and administrative expenses				421				454				904				868
	Other operating expenses			633				1,127				1,364				2,013
NET OPERATING INCOME (LOSS)				37				(433	)			319				(450	)
Other (expenses) revenues, net				(10	)			(24	)			(21	)			(38	)
INCOME (LOSS) BEFORE INCOME TAXES				27				(457	)			298				(488	)
Income tax expense (benefit)				12				(199	)			128				(207	)
NET INCOME (LOSS)			$	15			$	(258	)		$	170			$	(281	)
Weighted average common shares outstanding:
	Basic			3,019				2,974				3,018				2,974
	Diluted			3,114				2,974				3,108				2,974
NET INCOME (LOSS) PER SHARE:
	Basic		$	0.01			$	(0.09	)		$	0.06			$	(0.09	)
	Diluted		$	0.00			$	(0.09	)		$	0.05			$	(0.09	)

		(Unaudited)
(In thousands)		As of June 30, 2012			As of  December 31, 2011
Cash, cash equivalents and short-term investments		$	5,014		$	4,960
Total assets			11,037			10,991
Net working capital			6,751			6,516
Stockholders' equity		$	9,258		$	9,020

About ImmuCell:
ImmuCell Corporation's (NASDAQ: ICCC) purpose is to create scientifically-proven and practical products that result in a measurable economic impact on animal health and productivity in the dairy and beef industries. Press releases and other information about the Company are available at our web-site, (http://www.immucell.com).