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ImmuCell (ICCC) Announces Product Sales Increases and Other Financial Results



11/7/2012 8:49:31 AM

PORTLAND, ME--(Marketwire - November 07, 2012) - ImmuCell Corporation (NASDAQ: ICCC) today announced the results of its operations for the three-month and nine-month periods ended September 30, 2012.

"In this extremely challenging dairy and beef economy with a record low milk-to-feed price ratio narrowing our customers' profit margins, sales of our lead product, First Defense®, increased by 9% and 2% during the third quarter and year-to-date, respectively," commented Michael F. Brigham, President and CEO.

The net operating loss was ($86,000) during the three-month period ended September 30, 2012, in comparison to a net operating loss of ($192,000) during the same period in 2011. The net loss was ($64,000), or ($0.02) per share, during the three-month period ended September 30, 2012, in comparison to a net loss of ($128,000), or ($0.04) per share, during the same period in 2011.

Net operating income was $233,000 during the nine-month period ended September 30, 2012, in contrast to a net operating loss of ($642,000) during the same period in 2011. Net income was $106,000, or $0.03 per share, during the nine-month period ended September 30, 2012, in contrast to a net loss of ($409,000), or ($0.14) per share, during the same period in 2011. The improved financial performance is principally due to planned reductions in product development expenses associated with the Mast Out® initiative, as well as increased gross margin from sales of First Defense®.

During the three-month period ended September 30, 2012, product sales increased by 7%, or $73,000, to $1,077,000 in comparison to the same period in 2011. During the nine-month period ended September 30, 2012, product sales increased by 4%, or $162,000, to $3,969,000 in comparison to the same period in 2011.

Cash, cash equivalents and short-term investments decreased by 3%, or $139,000, to $4,820,000 at September 30, 2012 as compared to $4,960,000 at December 31, 2011. Stockholders' equity increased by 2%, or $179,000, to $9,199,000 at September 30, 2012 as compared to $9,020,000 at December 31, 2011. The Company had 3,019,000 shares of common stock outstanding as of September 30, 2012.

(Unaudited) (Unaudited) Three-Month Periods Nine-Month Periods Ended September 30, Ended September 30, -------------------- ------------------- (In thousands, except per share amounts) 2012 2011 2012 2011 --------- --------- --------- --------- Product sales $ 1,077 $ 1,003 $ 3,969 $ 3,807 Costs of goods sold 456 477 1,665 1,718 --------- --------- --------- --------- Gross margin 621 526 2,304 2,089 Product development expenses 224 304 683 1,449 Sales, marketing and administrative expenses 483 414 1,389 1,282 --------- --------- --------- --------- Other operating expenses 707 718 2,072 2,731 --------- --------- --------- --------- NET OPERATING (LOSS) INCOME (86) (192) 232 (642) Other expenses, net 8 19 29 57 --------- --------- --------- --------- (LOSS) INCOME BEFORE INCOME TAXES (94) (211) 203 (699) Income tax (benefit) expense (30) (83) 97 (290) --------- --------- --------- --------- NET (LOSS) INCOME $ (64) $ (128) $ 106 $ (409) ========= ========= ========= ========= Weighted average common shares outstanding: Basic 3,019 2,981 3,018 2,974 Diluted 3,019 2,981 3,111 2,974 NET (LOSS) INCOME PER SHARE: Basic $ (0.02) $ (0.04) $ 0.04 $ (0.14) Diluted $ (0.02) $ (0.04) $ 0.03 $ (0.14) (Unaudited) As of As of September 30, December 31, (In thousands) 2012 2011 ------------- ------------- Cash, cash equivalents and short-term investments $ 4,820 $ 4,960 Total assets 10,971 10,991 Net working capital 6,719 6,516 Stockholders' equity $ 9,199 $ 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


Read at BioSpace.com


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