ImmuCell Announces Financial Results for 2010PORTLAND, ME -- (Marketwire - February 09, 2011) - ImmuCell Corporation (NASDAQ: ICCC) today announced the results of its operations for the quarter and year ended December 31, 2010.
For the three-month period ended December 31, 2010, product sales increased by 9%, or $89,000, to $1,123,000 in comparison to the same period in 2009. For the year ended December 31, 2010, product sales decreased by 3%, or $120,000, to $4,386,000 in comparison to 2009.
"A 13% increase in sales of First Defense® during the fourth quarter of 2010 over the fourth quarter of 2009 gives us some optimism that we may be turning the corner for the better in what has been a very difficult dairy economy since 2008," commented Michael F. Brigham, President and CEO. "We increased our investment in the sales and marketing of First Defense® during 2010, while we advance towards the completion of the development of Mast Out®."
The loss before income taxes was $231,000 during the three-month period ended December 31, 2010 in comparison to a loss before income taxes of $89,000 during the same period in 2009. The net loss was $128,000, or $0.04 per share, during the three-month period ended December 31, 2010 in comparison to a net loss of $15,000, or $0.01 per share, during 2009.
The loss before income taxes was $683,000 during the year ended December 31, 2010 in comparison to a loss before income taxes of $429,000 during the same period in 2009. The net loss was $385,000, or $0.13 per share, during the year ended December 31, 2010 in comparison to a net loss of $216,000, or $0.07 per share, during 2009.
"After nine consecutive years of profitability, our losses in 2008, 2009 and 2010 reflect our strategic decision to make a significant and controlled investment in the development of Mast Out®," added Mr. Brigham.
Cash, cash equivalents and short-term investments increased by 1%, or $41,000, to $4,626,000 at December 31, 2010 as compared to $4,585,000 at December 31, 2009. Stockholders' equity decreased by 4%, or $340,000, to $9,282,000 at December 31, 2010 as compared to $9,622,000 at December 31, 2009. The Company had 2,974,000 shares of common stock outstanding as of December 31, 2010.
(Unaudited)
Three Months Twelve Months
Ended Ended
December 31, December 31,
---------------- -----------------
(In thousands, except per share amounts) 2010 2009 2010 2009
------- ------- -------- --------
Product sales $ 1,123 $ 1,034 $ 4,386 $ 4,506
Cost of goods sold 536 443 2,084 2,108
------- ------- -------- --------
Gross margin 587 591 2,302 2,398
Product development expenses 442 395 1,493 1,645
Sales, marketing and administrative
expenses 365 296 1,499 1,283
------- ------- -------- --------
Other operating expenses 807 691 2,992 2,928
------- ------- -------- --------
NET OPERATING LOSS 220 100 690 530
Other (expenses) revenues, net (11) 11 7 102
------- ------- -------- --------
LOSS BEFORE INCOME TAXES 231 89 683 428
Income tax benefit 103 74 298 212
------- ------- -------- --------
NET LOSS $ 128 $ 15 $ 385 $ 216
======= ======= ======== ========
Weighted average common shares
outstanding:
Basic 2,971 2,971 2,971 2,959
Diluted 2,971 2,971 2,971 2,959
NET LOSS PER SHARE:
Basic $ 0.04 $ 0.01 $ 0.13 $ 0.07
Diluted $ 0.04 $ 0.01 $ 0.13 $ 0.07
At December At December
31, 2010 31, 2009
------------ ------------
Cash, cash equivalents and short-term investments $ 4,626 $ 4,585
Total assets 10,751 9,985
Net working capital 6,441 5,944
Stockholders' equity $ 9,282 $ 9,622
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).
Contact:
Michael F. Brigham
President and Chief Executive Officer
(207) 878-2770 Ext. 3106
