ImmuCell Announces Product Sales Growth and ProfitPORTLAND, ME -- (Marketwire - May 14, 2012) - ImmuCell Corporation (NASDAQ: ICCC) today announced the results of its operations for the three-month period ended March 31, 2012.
During the three-month period ended March 31, 2012, product sales increased by 10%, or $161,000, to $1,717,000 in comparison to the same period in 2011. During the twelve-month period ended March 31, 2012, product sales increased by 14%, or $642,000, to $5,273,000 in comparison to the same period in 2011.
"A 13% increase in sales of our lead product, First Defense®, during the first three months of 2012 over the same period in 2011, demonstrates a solid return on our increased investment in sales and marketing," commented Michael F. Brigham, President and CEO. "Based primarily on increased gross margin from sales of First Defense® and the anticipated reduction in product development expenditures, we returned to profitable operations for the first time since the first quarter of 2008."
Income before income taxes was $271,000 during the three-month period ended March 31, 2012, in contrast to a loss before income taxes of ($31,000) during the same period in 2011. Net income was $155,000, or $0.05 per share, during the three-month period ended March 31, 2012, in contrast to a net loss of ($23,000), or ($0.01) per share, during the same period in 2011.
Cash, cash equivalents and short-term investments increased by 2%, or $95,000, to $5,054,000 at March 31, 2012 as compared to $4,960,000 at December 31, 2011. Stockholders' equity increased by 3%, or $227,000, to $9,247,000 at March 31, 2012 as compared to $9,020,000 at December 31, 2011. The Company had 3,019,000 shares of common stock outstanding as of March 31, 2012.
(Unaudited)
Three-Month Periods
Ended March 31,
--------------------
(In thousands, except per share amounts) 2012 2011
--------- ---------
Product sales $ 1,717 $ 1,556
Costs of goods sold 705 687
--------- ---------
Gross margin 1,012 869
Product development expenses 248 472
Sales, marketing and administrative expenses 483 414
--------- ---------
Other operating expenses 731 886
--------- ---------
NET OPERATING INCOME (LOSS) 281 (17)
Other (expenses) revenues, net (10) (14)
--------- ---------
INCOME (LOSS) BEFORE INCOME TAXES 271 (31)
Income tax expense (benefit) 116 (8)
--------- ---------
NET INCOME (LOSS) $ 155 $ (23)
========= =========
Weighted average common shares outstanding:
Basic 3,016 2,974
Diluted 3,103 2,974
NET INCOME (LOSS) PER SHARE:
Basic $ 0.05 $ (0.01)
Diluted $ 0.05 $ (0.01)
(Unaudited)
At March 31, At December 31,
(In thousands) 2012 2011
--------------- ---------------
Cash, cash equivalents and short-term
investments $ 5,054 $ 4,960
Total assets 11,171 10,991
Net working capital 6,780 6,516
Stockholders' equity $ 9,247 $ 9,020
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
