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



2/13/2012 8:17:08 AM

PORTLAND, ME--(Marketwire - February 13, 2012) - ImmuCell Corporation (NASDAQ: ICCC) today announced the results of its operations for the three-month and twelve-month periods ended December 31, 2011.

During the three-month period ended December 31, 2011, product sales increased by 16%, or $181,000, to $1,305,000 in comparison to the same period in 2010. During the year ended December 31, 2011, product sales increased by 17%, or $725,000, to $5,111,000 in comparison to 2010.

"A 21% increase in sales of our lead product, First Defense®, during 2011 over 2010, demonstrates a solid return on our increased investment in sales and marketing," commented Michael F. Brigham, President and CEO. "The essentially breakeven results during the fourth quarter of 2011 are a good indication of our improving financial performance."

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

The income before income taxes was $2,000 during the three-month period ended December 31, 2011, in contrast to a loss before income taxes of $(231,000) during the same period in 2010. The net loss was $(1,000), or $(0.00) per share during the three-month period ended December 31, 2011, in comparison to a net loss of $(128,000), or $(0.04) per share during the same period in 2010.

The loss before income taxes was $(697,000) during the year ended December 31, 2011, in comparison to a loss before income taxes of $(683,000) during 2010. The net loss was $(410,000), or $(0.14) per share during the year ended December 31, 2011, in comparison to a net loss of $(385,000), or $(0.13) per share during 2010.

Cash, cash equivalents and short-term investments increased by 7%, or $334,000, to $4,960,000 at December 31, 2011 as compared to $4,626,000 at December 31, 2010. Stockholders' equity decreased by 3%, or $262,000, to $9,020,000 at December 31, 2011 as compared to $9,282,000 at December 31, 2010. The Company had 3,004,000 shares of common stock outstanding as of December 31, 2011.

(Unaudited) Three-Month Periods Years Ended Ended December 31, December 31, -------------------- -------------------- (In thousands, except per share amounts) 2011 2010 2011 2010 --------- --------- --------- --------- Product sales $ 1,305 $ 1,123 $ 5,111 $ 4,386 Costs of goods sold 580 536 2,297 2,084 --------- --------- --------- --------- Gross margin 725 587 2,814 2,302 Product development expenses 271 442 1,720 1,493 Sales, marketing and administrative expenses 445 365 1,727 1,499 --------- --------- --------- --------- Other operating expenses 716 807 3,447 2,992 --------- --------- --------- --------- NET OPERATING INCOME (LOSS) 9 (220) (633) (690) Other (expenses) revenues, net (7) (11) (64) 7 --------- --------- --------- --------- INCOME (LOSS) BEFORE INCOME TAXES 2 (231) (697) (683) Income tax (expense) benefit (3) 103 287 298 --------- --------- --------- --------- NET INCOME (LOSS) $ (1) $ (128) $ (410) $ (385) ========= ========= ========= ========= Weighted average common shares outstanding: Basic 3,001 2,971 2,985 2,971 Diluted 3,001 2,971 2,985 2,971 NET INCOME (LOSS) PER SHARE: Basic $ (0.00) $ (0.04) $ (0.14) $ (0.13) Diluted $ (0.00) $ (0.04) $ (0.14) $ (0.13) At December 31, At December 31, (In thousands) 2011 2010 ----------------- ----------------- Cash, cash equivalents and short-term investments $ 4,960 $ 4,626 Total assets 10,991 10,751 Net working capital 6,516 6,441 Stockholders' equity $ 9,020 $ 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


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