ImmuCell Announces Sales and Net Income Growth for Fourth Quarter and Full Year 2005PORTLAND, ME -- 02/07/2006 -- ImmuCell Corporation (NASDAQ: ICCC) today announced the results of its operations for the three and twelve month periods ended December 31, 2005.
For the three months ended December 31, 2005, product sales increased by 37%, or $317,000, to $1,174,000, in comparison to the same period in 2004. For the year ended December 31, 2005, product sales increased by 20%, or $709,000, to $4,233,000, in comparison to the same period in 2004.
"We have now completed seven consecutive profitable years since our December 1998 decision to focus our efforts on developing, manufacturing and selling products for the dairy and beef industries," commented Michael F. Brigham, president and CEO. "Continued growth of First Defense® was largely responsible for our 20% increase in product sales."
The Company recognized net income of $260,000 for the three months ended December 31, 2005, compared to a net income of $34,000 during the same period in 2004. For the year ended December 31, 2005, the Company recognized net income of $708,000, or $0.24 per diluted share, compared to net income of $144,000, or $0.05 per diluted share, during the same period in 2004.
The Company's cash, cash equivalents and short-term investments increased by 16%, or $700,000, to $5,150,000 at December 31, 2005, as compared to $4,450,000 at December 31, 2004. Stockholders' equity increased by 11%, or $829,000, to $8,558,000 at December 31, 2005, as compared to $7,729,000 at December 31, 2004. The Company had 2,850,000 shares of common stock outstanding as of December 31, 2005.
(Unaudited)
Three Months Ended Year Ended
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December 31, December 31,
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(In thousands, except
per share amounts) 2005 2004 2005 2004
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Revenues:
Product sales $ 1,174 $ 856 $ 4,233 $ 3,524
Other revenues 194 88 750 172
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Total revenues 1,368 944 4,983 3,696
Cost and expenses:
Product costs 456 347 1,634 1,449
Research and development expenses 345 356 1,270 1,092
Selling, general and administrative
expenses 289 269 1,141 1,034
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Total costs and expenses 1,090 972 4,045 3,575
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Net operating income (loss) 278 (28) 938 121
Interest and other income 39 15 133 57
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Income (loss) before income taxes 317 (13) 1,071 178
Income tax expense (benefit) 57 (47) 363 34
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Net income $ 260 $ 34 $ 708 $ 144
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Net income per common share:
Basic $ 0.09 $ 0.01 $ 0.25 $ 0.05
Diluted $ 0.09 $ 0.01 $ 0.24 $ 0.05
Weighted average common shares
outstanding:
Basic 2,848 2,761 2,824 2,755
Diluted 3,040 2,998 3,003 2,967
At December 31, At December 31,
2005 2004
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(In thousands)
Cash, cash equivalents and short-
term investments $ 5,150 $ 4,450
Total assets 9,955 9,530
Net working capital 6,091 4,998
Stockholders' equity $ 8,558 $ 7,729
ImmuCell Corporation is a biotechnology company that is developing, manufacturing and selling products that improve animal health and productivity in the dairy and beef industries. Press releases and other information about the Company are available at http://www.immucell.com.
Contact:
Michael F. Brigham
President and Chief Executive Officer
(207) 878-2770 Ext. 3106
