ImmuCell Announces Financial Results for Second Quarter and First Half of 2006PORTLAND, ME -- 07/20/2006 -- ImmuCell Corporation (NASDAQ: ICCC) today announced the results of its operations for the three and six month periods ended June 30, 2006.
For the three months ended June 30, 2006, product sales decreased by 12%, or $99,000, to $749,000, in comparison to the same period in 2005. For the six months ended June 30, 2006, product sales decreased by 4%, or $89,000, to $2,187,000, in comparison to the same period in 2005.
"Sales of First Defense®, our lead product, increased by 3% and 4% during the three and six month periods ended June 30, 2006, respectively," commented Michael F. Brigham, president and CEO. "Continued growth of First Defense® is the key to our commercial strategy while Mast Out® is being developed under a product development and marketing agreement with Pfizer Animal Health."
Net income was $0.11 per diluted share in both of the six month periods ended June 30, 2006 and 2005. The Company recognized net income of $16,000 for the three months ended June 30, 2006, compared to net income of $79,000 during the same period in 2005. For the six months ended June 30, 2006, the Company recognized net income of $322,000, compared to net income of $339,000 during the same period in 2005.
The Company's cash, cash equivalents and short-term investments increased by 15%, or $770,000, to $5,920,000 at June 30, 2006, as compared to $5,150,000 at December 31, 2005. Stockholders' equity increased by 6%, or $509,000, to $9,066,000 at June 30, 2006, as compared to $8,558,000 at December 31, 2005. The Company had 2,909,000 shares of common stock outstanding as of June 30, 2006.
(Unaudited) (Unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
2006 2005 2006 2005
(In thousands, except per share ------- ------- ------- -------
amounts)
Revenues:
Product sales $ 749 $ 848 $ 2,187 $ 2,276
Other revenues 93 136 198 304
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Total revenues 842 984 2,385 2,580
Cost and expenses:
Product costs 386 349 895 911
Research and development expenses 231 253 466 567
Selling, general and administrative
expenses 257 278 599 585
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Total costs and expenses 874 880 1,960 2,063
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Net operating (loss) income (32) 104 425 517
Interest and other income 64 31 116 53
------- ------- ------- -------
Income before income taxes 32 135 541 570
Income tax expense 16 56 219 231
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Net income $ 16 $ 79 $ 322 $ 339
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Net income per common share:
Basic $ 0.01 $ 0.03 $ 0.11 $ 0.12
Diluted $ 0.01 $ 0.03 $ 0.11 $ 0.11
Weighted average common shares
outstanding:
Basic 2,893 2,804 2,872 2,799
Diluted 3,073 2,956 3,055 2,976
(Unaudited)
At December 31, 2005 At June 30, 2006
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(In thousands)
Cash, cash equivalents and
short-term investments $5,150 $5,920
Total assets 9,955 10,222
Net working capital 6,091 6,707
Stockholders' equity $8,558 $9,066
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
