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ImmuCell (ICCC) Announces Product Sales Growth and Other Financial Results for Third Quarter of 2011


11/14/2011 9:34:20 AM

PORTLAND, ME--(Marketwire - November 14, 2011) - ImmuCell Corporation (NASDAQ: ICCC) today announced the results of its operations for the three-month and nine-month periods ended September 30, 2011.

During the three-month period ended September 30, 2011, product sales increased by 15%, or $130,000, to $1,003,000 in comparison to the same period in 2010. During the nine-month period ended September 30, 2011, product sales increased by 17%, or $543,000, to $3,807,000 in comparison to the same period in 2010. During the nine-month period ended September 30, 2011, sales of our animal health products (excluding sales of our water diagnostic reagents) increased by 22%.

"A 26% increase in sales of our lead product, First Defense®, during the first nine months of 2011 over the same period in 2010, demonstrates a solid return on our increased investment in sales and marketing," commented Michael F. Brigham, President and CEO. "During the third quarter of 2011, sales of First Defense® increased by 22% over the same period in 2010, representing the fourth consecutive quarter of double digit growth in sales of this product."

Mr. Brigham further commented, "This growth in our commercial business is important to us while we seek a partner to complete the development of Mast Out®."

The loss before income taxes was $211,000 during the three-month period ended September 30, 2011, in comparison to a loss before income taxes of $351,000 during the same period in 2010. The net loss was $128,000, or $0.04 per share, during the three-month period ended September 30, 2011, in comparison to a net loss of $197,000, or $0.07 per share, during the same period in 2010.

The loss before income taxes was $699,000 during the nine-month period ended September 30, 2011, in comparison to a loss before income taxes of $452,000 during the same period in 2010. The net loss was $409,000, or $0.14 per share, during the nine-month period ended September 30, 2011, in comparison to a net loss of $257,000, or $0.09 per share, during the same period in 2010.

Cash, cash equivalents and short-term investments increased by 3%, or $119,000, to $4,745,000 at September 30, 2011 as compared to $4,626,000 at December 31, 2010. Stockholders' equity decreased by 3%, or $288,000, to $8,994,000 at September 30, 2011 as compared to $9,282,000 at December 31, 2010. The Company had 2,999,000 shares of common stock outstanding as of September 30, 2011.

                                                                            
                                                                            
                                                                            
                                      (Unaudited)           (Unaudited)     
                                  Three-Month Periods   Nine-Month Periods  
                                  Ended September 30,   Ended September 30, 
                                 --------------------  -------------------- 
(In thousands, except per share                                             
 amounts)                           2011       2010       2011       2010   
                                 ---------  ---------  ---------  --------- 
                                                                            
Product sales                    $   1,003  $     874  $   3,807  $   3,263 
Costs of goods sold                    477        516      1,718      1,548 
                                 ---------  ---------  ---------  --------- 
  Gross margin                         526        358      2,089      1,715 
                                                                            
Product development expenses           304        312      1,449      1,051 
Sales, marketing and                                                        
 administrative expenses               414        393      1,282      1,134 
                                 ---------  ---------  ---------  --------- 
  Other operating expenses             718        705      2,731      2,185 
                                 ---------  ---------  ---------  --------- 
                                                                            
NET OPERATING INCOME (LOSS)           (192)      (347)      (642)      (470)
                                                                            
Other (expenses) revenues, net         (19)        (3)       (57)        18 
                                 ---------  ---------  ---------  --------- 
                                                                            
INCOME (LOSS) BEFORE INCOME                                                 
 TAXES                                (211)      (350)      (699)      (452)
                                                                            
Income tax benefit                      83        153        290        195 
                                 ---------  ---------  ---------  --------- 
                                                                            
NET INCOME (LOSS)                $    (128) $    (197) $    (409) $    (257)
                                 =========  =========  =========  ========= 
                                                                            
Weighted average common shares                                              
 outstanding:                                                               
  Basic                              2,981      2,971      2,974      2,971 
  Diluted                            2,981      2,971      2,974      2,971 
                                                                            
NET INCOME (LOSS) PER SHARE:                                                
  Basic                          $   (0.04) $   (0.07) $   (0.14) $   (0.09)
  Diluted                        $   (0.04) $   (0.07) $   (0.14) $   (0.09)
                                                                            



                                            (Unaudited)                     
(In thousands)                           At September 30,    At December 31,
                                               2011               2010      
                                         ----------------   ----------------
                                                                            
Cash, cash equivalents and short-term                                       
 investments                             $          4,745   $          4,626
Total assets                                       10,979             10,751
Net working capital                                 6,490              6,441
Stockholders' equity                     $          8,994   $          9,282
                                                                            
                                                                            
                                                                            

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


Read at BioSpace.com

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