ImmuCell Announces Increase in Product Sales and Continued ProfitabilityPORTLAND, ME -- (Marketwire - May 14, 2013) - ImmuCell Corporation (NASDAQ: ICCC) today announced the results of its operations for the three-month period ended March 31, 2013.
During the three-month period ended March 31, 2013, product sales increased by 8%, or $130,000, to $1,847,000 in comparison to $1,717,000 during the same period in 2012.
Net operating income was $327,000 during the three-month period ended March 31, 2013, in comparison to net operating income of $281,000 during the same period in 2012. The net income was $204,000, or $0.07 per share, during the three-month period ended March 31, 2013, in comparison to net income of $155,000, or $0.05 per share, during the same period in 2012. The improved financial performance is largely due to increased gross margin from sales of First Defense®.
"In this extremely challenging dairy and beef economy with a record low milk-to-feed price ratio narrowing our customers' profit margins, our product sales increased by 8% and 5% during the three-month and twelve-month periods ended March 31, 2013, respectively," commented Michael F. Brigham, President and CEO. "This sales growth contributed to our continued profitability, while we are actively seeking a partner to help us complete the development and commercialization of Mast Out®."
Cash, cash equivalents and short-term investments increased by 8%, or $392,000, to $5,305,000 as of March 31, 2013, in comparison to $4,914,000 as of December 31, 2012. Stockholders' equity increased by 2%, or $219,000, to $9,413,000 as of March 31, 2013, in comparison to $9,195,000 as of December 31, 2012. The Company had 3,019,000 shares of common stock outstanding as of March 31, 2013.
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
(Unaudited)
For the Three-Month Periods
Ended March 31,
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(In thousands, except per share amounts) 2013 2012
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Product sales $ 1,847 $ 1,717
Costs of goods sold 793 704
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Gross margin 1,054 1,013
Product development expenses 267 248
Sales, marketing and administrative expenses 461 484
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Other operating expenses 728 732
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NET OPERATING INCOME 326 281
Other revenues (expenses), net 44 (10)
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INCOME BEFORE INCOME TAXES 370 271
Income tax expense 166 116
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NET INCOME $ 204 $ 155
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Weighted average common shares outstanding:
Basic 3,019 3,016
Diluted 3,084 3,103
NET INCOME PER SHARE:
Basic $ 0.07 $ 0.05
Diluted $ 0.07 $ 0.05
(Unaudited)
As of As of
March 31, 2013 December 31, 2012
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(In thousands)
Cash, cash equivalents and short-term
investments $ 5,305 $ 4,914
Total assets 11,111 11,030
Net working capital 7,082 6,697
Stockholders' equity $ 9,413 $ 9,195
Contact:
Michael F. Brigham
President and Chief Executive Officer
(207) 878-2770 Ext. 3106
