News | News By Subject | News by Disease News By Date | Search News
Get Our FREE
Industry eNewsletter
email:    
   

ImmuCell (ICCC) Announces Increased Product Sales And Continued Profitability



11/18/2013 11:18:07 AM

free biotech news Get the latest biotech news where you want it. Sign up for the free GenePool newsletter today!

PORTLAND, ME--(Marketwired - November 12, 2013) - ImmuCell Corporation (NASDAQ: ICCC) today announced the results of its operations for the three-month and nine-month periods ended September 30, 2013.

During the three-month period ended September 30, 2013, product sales increased by 15%, or $158,000, to $1,235,000 in comparison to $1,077,000 during the same period in 2012. During the nine-month period ended September 30, 2013, product sales increased by 12%, or $479,000, to $4,448,000 in comparison to $3,969,000 during the same period in 2012. During the twelve-month period ended September 30, 2013, product sales increased by 11%, or $595,000, to $5,869,000 in comparison to $5,274,000 during the same period ended in 2012.

"We have now increased product sales during the last six consecutive quarters and for eleven of the last twelve quarters," commented Michael F. Brigham, President and CEO. "The resulting overall profitability from this period has created a strong financial platform for us to fund the investment we are making in a Nisin production capability sufficient to complete our New Animal Drug Application submission to the FDA for Mast Out® and conduct initial test marketing."

The net operating (loss) was ($160,000) during the three-month period ended September 30, 2013, in comparison to a net operating (loss) of ($86,000) during the same period in 2012. Net income was $57,000, or $0.02 per share, during the three-month period ended September 30, 2013, in contrast to a net (loss) of ($64,000), or ($0.02) per share, during the same period in 2012.

Net operating income was $190,000 during the nine-month period ended September 30, 2013, in comparison to net operating income of $233,000 during the same period in 2012. Net income was $268,000, or $0.09 per share, during the nine-month period ended September 30, 2013, in comparison to net income of $106,000, or $0.03 per share, during the same period in 2012.

The financial results for the three-month and nine-month periods ended September 30, 2013 benefited from revenue related to a $250,000 license option payment that was recognized during the third quarter of 2013. At the same time, $48,000 in related capitalized expenses were written off.

Cash, cash equivalents and short-term investments increased by 15%, or $760,000, to $5,673,000 as of September 30, 2013, in comparison to $4,914,000 as of December 31, 2012. Stockholders' equity increased by 3%, or $317,000, to $9,511,000 as of September 30, 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 September 30, 2013.

(Unaudited) (Unaudited) For the Three-Month For the Nine-Month Periods Ended Periods Ended September 30, September 30, (In thousands, except per ----------------------- ---------------------- share amounts) 2013 2012 2013 2012 ---------- ----------- ----------- ---------- Product sales $ 1,235 $ 1,077 $ 4,448 $ 3,969 Costs of goods sold 619 456 1,995 1,665 ---------- ----------- ----------- ---------- Gross margin 616 621 2,453 2,304 Product development expenses 291 224 829 683 Sales, marketing and administrative expenses 485 483 1,434 1,388 ---------- ----------- ----------- ---------- Operating expenses 776 707 2,263 2,071 ---------- ----------- ----------- ---------- NET OPERATING (LOSS) INCOME (160) (86) 190 233 Other revenues (expenses), net 237 (8) 268 (30) ---------- ----------- ----------- ---------- INCOME (LOSS) BEFORE INCOME TAXES 77 (94) 458 203 Income tax expense (benefit) 20 (30) 190 97 ---------- ----------- ----------- ---------- NET INCOME (LOSS) $ 57 $ (64) $ 268 $ 106 ========== =========== =========== ========== Weighted average common shares outstanding: Basic 3,019 3,019 3,019 3,018 Diluted 3,085 3,019 3,082 3,111 NET INCOME (LOSS) PER SHARE: Basic $ 0.02 $ (0.02) $ 0.09 $ 0.04 Diluted $ 0.02 $ (0.02) $ 0.09 $ 0.03 (Unaudited) (In thousands) As of As of September 30, 2013 December 31, 2012 ------------------ ------------------ Cash, cash equivalents and short- term investments $ 5,673 $ 4,914 Total assets 11,066 11,030 Net working capital 7,177 6,697 Stockholders' equity $ 9,511 $ 9,195

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 CEO
(207) 878-2770 Ext. 3106



Help employers find you! Check out all the jobs and post your resume.

Read at BioSpace.com


comments powered by Disqus
   

ADD TO DEL.ICIO.US    ADD TO DIGG    ADD TO FURL    ADD TO STUMBLEUPON    ADD TO TECHNORATI FAVORITES