ImmuCell Announces Profitable Financial Results
PORTLAND, ME--(Marketwire - August 13, 2012) - ImmuCell Corporation (NASDAQ: ICCC) today announced the results of its operations for the three-month and six-month periods ended June 30, 2012.
"Based primarily on increased gross margin from sales of First Defense® and the planned reduction in Mast Out® product development expenditures, we returned to profitable operations during the three-month and six-month periods ended June 30, 2012 for the first time since the first quarter of 2008," commented Michael F. Brigham, President and CEO. "In this extremely challenging dairy economy with a record low milk-to-feed price ratio, we experienced a 17% drop in sales of our lead product, First Defense® during the second quarter of 2012 in comparison to the same period in 2011, but sales of this product during the twelve-month period ended June 30, 2012 are up 5%."
Net operating income was $37,000 during the three-month period ended June 30, 2012, in contrast to a net operating loss of ($433,000) during the same period in 2011. Net income was $15,000, or less than $0.01 per share, during the three-month period ended June 30, 2012, in contrast to a net loss of ($258,000), or ($0.09) per share, during the same period in 2011.
Net operating income was $319,000 during the six-month period ended June 30, 2012, in contrast to a net operating loss of ($450,000) during the same period in 2011. Net income was $170,000, or $0.05 per share, during the six-month period ended June 30, 2012, in contrast to a net loss of ($281,000), or ($0.09) per share, during the same period in 2011.
During the three-month period ended June 30, 2012, product sales decreased by 6%, or $72,000, to $1,175,000 in comparison to the same period in 2011. During the six-month period ended June 30, 2012, product sales increased by 3%, or $89,000, to $2,892,000 in comparison to the same period in 2011.
Cash, cash equivalents and short-term investments increased by 1%, or $54,000, to $5,014,000 at June 30, 2012 as compared to $4,960,000 at December 31, 2011. Stockholders' equity increased by 3%, or $237,000, to $9,258,000 at June 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 June 30, 2012.
"The big news for us recently is the July 19, 2012 announcement that we received a Complete Letter from the FDA relating to the Effectiveness Technical Section of our New Animal Drug Application for Mast Out®," further commented Mr. Brigham. "This significant accomplishment by our product development team is a major step in bringing Mast Out® closer to commercialization."
(Unaudited) (Unaudited) Three-Month Six-Month Periods Ended Periods Ended June 30, June 30, ---------------- ---------------- (In thousands, except per share amounts) 2012 2011 2012 2011 ------- ------- ------- ------- Product sales $ 1,175 $ 1,247 $ 2,892 $ 2,803 Costs of goods sold 505 553 1,209 1,240 ------- ------- ------- ------- Gross margin 670 694 1,683 1,563 Product development expenses 212 673 460 1,145 Sales, marketing and administrative expenses 421 454 904 868 ------- ------- ------- ------- Other operating expenses 633 1,127 1,364 2,013 ------- ------- ------- ------- NET OPERATING INCOME (LOSS) 37 (433) 319 (450) Other (expenses) revenues, net (10) (24) (21) (38) ------- ------- ------- ------- INCOME (LOSS) BEFORE INCOME TAXES 27 (457) 298 (488) Income tax expense (benefit) 12 (199) 128 (207) ------- ------- ------- ------- NET INCOME (LOSS) $ 15 $ (258) $ 170 $ (281) ======= ======= ======= ======= Weighted average common shares outstanding: Basic 3,019 2,974 3,018 2,974 Diluted 3,114 2,974 3,108 2,974 NET INCOME (LOSS) PER SHARE: Basic $ 0.01 $ (0.09) $ 0.06 $ (0.09) Diluted $ 0.00 $ (0.09) $ 0.05 $ (0.09) (Unaudited) (In thousands) As of As of June 30, December 31, 2012 2011 ----------- ------------- Cash, cash equivalents and short-term investments $ 5,014 $ 4,960 Total assets 11,037 10,991 Net working capital 6,751 6,516 Stockholders' equity $ 9,258 $ 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