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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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