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ImmuCell (ICCC) Announces Product Sales Growth and Profit


5/14/2012 8:27:23 AM

PORTLAND, ME--(Marketwire - May 14, 2012) - ImmuCell Corporation (NASDAQ: ICCC) today announced the results of its operations for the three-month period ended March 31, 2012.

During the three-month period ended March 31, 2012, product sales increased by 10%, or $161,000, to $1,717,000 in comparison to the same period in 2011. During the twelve-month period ended March 31, 2012, product sales increased by 14%, or $642,000, to $5,273,000 in comparison to the same period in 2011.

"A 13% increase in sales of our lead product, First Defense®, during the first three months of 2012 over the same period in 2011, demonstrates a solid return on our increased investment in sales and marketing," commented Michael F. Brigham, President and CEO. "Based primarily on increased gross margin from sales of First Defense® and the anticipated reduction in product development expenditures, we returned to profitable operations for the first time since the first quarter of 2008."

Income before income taxes was $271,000 during the three-month period ended March 31, 2012, in contrast to a loss before income taxes of ($31,000) during the same period in 2011. Net income was $155,000, or $0.05 per share, during the three-month period ended March 31, 2012, in contrast to a net loss of ($23,000), or ($0.01) per share, during the same period in 2011.

Cash, cash equivalents and short-term investments increased by 2%, or $95,000, to $5,054,000 at March 31, 2012 as compared to $4,960,000 at December 31, 2011. Stockholders' equity increased by 3%, or $227,000, to $9,247,000 at March 31, 2012 as compared to $9,020,000 at December 31, 2011. The Company had 3,019,000 shares of common stock outstanding as of March 31, 2012.

                                                            (Unaudited)     
                                                        Three-Month Periods 
                                                          Ended March 31,   
                                                       -------------------- 
(In thousands, except per share amounts)                  2012       2011   
                                                       ---------  --------- 
                                                                            
Product sales                                          $   1,717  $   1,556 
Costs of goods sold                                          705        687 
                                                       ---------  --------- 
  Gross margin                                             1,012        869 
                                                                            
Product development expenses                                 248        472 
Sales, marketing and administrative expenses                 483        414 
                                                       ---------  --------- 
  Other operating expenses                                   731        886 
                                                       ---------  --------- 
                                                                            
NET OPERATING INCOME (LOSS)                                  281        (17)
                                                                            
Other (expenses) revenues, net                               (10)       (14)
                                                       ---------  --------- 
                                                                            
INCOME (LOSS) BEFORE INCOME TAXES                            271        (31)
                                                                            
Income tax expense (benefit)                                 116         (8)
                                                       ---------  --------- 
                                                                            
NET INCOME (LOSS)                                      $     155  $     (23)
                                                       =========  ========= 
                                                                            
Weighted average common shares outstanding:                                 
  Basic                                                    3,016      2,974 
  Diluted                                                  3,103      2,974 
                                                                            
NET INCOME (LOSS) PER SHARE:                                                
  Basic                                                $    0.05  $   (0.01)
  Diluted                                              $    0.05  $   (0.01)
                                                                            
                                                                            
                                                                            
                                               (Unaudited)                  
                                               At March 31,  At December 31,
(In thousands)                                     2012            2011     
                                             --------------- ---------------
                                                                            
Cash, cash equivalents and short-term                                       
 investments                                 $         5,054 $         4,960
Total assets                                          11,171          10,991
Net working capital                                    6,780           6,516
Stockholders' equity                         $         9,247 $         9,020
                                                                            

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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