ImmuCell Announces Financial Results for Third Quarter and First Nine Months of 2006PORTLAND, ME -- 10/19/2006 -- ImmuCell Corporation (NASDAQ: ICCC) today announced the results of its operations for the three and nine month periods ended September 30, 2006.
For the three months ended September 30, 2006, product sales increased by 35%, or $276,000, to $1,059,000, in comparison to the same period in 2005. For the nine months ended September 30, 2006, product sales increased by 6%, or $187,000, to $3,246,000, in comparison to the same period in 2005.
"The increase in product sales is attributable principally to growth of our lead product, First Defense®," commented Michael F. Brigham, president and CEO. "Our lead new product opportunity, Mast Out®, is being developed under a product development and marketing agreement with Pfizer Animal Health."
Net income per diluted share increased by $0.02 to $0.06 during the three month period ended September 30, 2006 and by $0.01 to $0.16 during the nine month period ended September 30, 2006, compared to the same periods in 2005. The Company recognized net income of $171,000 for the three months ended September 30, 2006, compared to net income of $109,000 during the same period in 2005. For the nine months ended September 30, 2006, the Company recognized net income of $492,000, compared to net income of $448,000 during the same period in 2005.
The Company's cash, cash equivalents and short-term investments increased by 26%, or $1,352,000, to $6,502,000 at September 30, 2006, as compared to $5,150,000 at December 31, 2005. Stockholders' equity increased by 8%, or $654,000, to $9,211,000 at September 30, 2006, as compared to $8,558,000 at December 31, 2005. The Company had 2,906,000 shares of common stock outstanding as of September 30, 2006.
(Unaudited) (Unaudited)
Three Months Nine Months
Ended Ended
September 30, September 30,
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(In thousands, except per share amounts) 2006 2005 2006 2005
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Revenues:
Product sales $ 1,059 $ 783 $ 3,246 $ 3,060
Other revenues 134 252 332 555
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Total revenues 1,193 1,035 3,578 3,615
Cost and expenses:
Product costs 466 267 1,361 1,178
Research and development expenses 237 358 702 925
Selling, general and administrative
expenses 272 266 872 852
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Total costs and expenses 975 891 2,935 2,955
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Net operating income 218 144 643 660
Interest and other income 73 41 189 94
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Income before income taxes 291 185 832 754
Income tax expense 120 76 340 306
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Net income $ 171 $ 109 $ 492 $ 448
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Net income per common share:
Basic $ 0.06 $ 0.04 $ 0.17 $ 0.16
Diluted $ 0.06 $ 0.04 $ 0.16 $ 0.15
Weighted average common shares outstanding:
Basic 2,910 2,847 2,885 2,815
Diluted 3,054 3,024 3,050 2,993
(Unaudited)
At December At September
31, 2005 30, 2006
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(In thousands)
Cash, cash equivalents and short-term
investments $ 5,150 $ 6,502
Total assets 9,955 11,162
Net working capital 6,091 7,045
Stockholders’ equity $ 8,558 $ 9,211
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
