ImmuCell Announces Financial Results for First Quarter of 2006PORTLAND, ME -- 04/20/2006 -- ImmuCell Corporation (NASDAQ: ICCC) today announced the results of its operations for the three month period ended March 31, 2006.
For the three months ended March 31, 2006, product sales increased approximately 1%, or $9,000, to $1,438,000, in comparison to the same period in 2005.
The Company recognized net income of $306,000, or $0.10 per diluted share, for the three months ended March 31, 2006, compared to net income of $259,000, or $0.09 per share, during the same period in 2005.
"Our lead product, First Defense®, continues to enjoy wide acceptance by dairy and beef producers as an effective tool to prevent calf scours," commented Michael F. Brigham, president and CEO. "Our continued and increased profitability resulted, in large part, from a 4% increase in First Defense® sales and a 25% decrease in research and development expenses."
The Company's cash, cash equivalents and short-term investments increased by 15%, or $780,000, to $5,930,000 at March 31, 2006 from $5,150,000 at December 31, 2005. Stockholders' equity increased by 4%, or $344,000, to $8,902,000 at March 31, 2006, as compared to $8,558,000 at December 31, 2005. The Company had 2,870,000 shares of common stock outstanding as of March 31, 2006.
(Unaudited)
Three Months Ended
March 31,
(In thousands, except per share amounts) 2006 2005
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Revenues:
Product sales $ 1,438 $ 1,428
Other revenues 106 168
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Total revenues 1,544 1,596
Cost and expenses:
Product costs 509 562
Research and development expenses 235 314
Selling, general and administrative expenses 343 307
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Total costs and expenses 1,087 1,183
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Net operating income 457 413
Interest and other income 52 21
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Income before income taxes 509 434
Income tax expense 203 175
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Net income $ 306 $ 259
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Net income per common share:
Basic $ 0.11 $ 0.09
Diluted $ 0.10 $ 0.09
Weighted average common shares outstanding:
Basic 2,852 2,795
Diluted 3,058 3,033
(Unaudited)
At March 31, At December 31,
2006 2005
(In thousands) ------- -------
Cash, cash equivalents and short-term
investments $ 5,930 $ 5,150
Total assets 10,348 9,955
Net working capital 6,509 6,091
Stockholders' equity $ 8,902 $ 8,558
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
