Full Press Release Details
PORTLAND, ME--(Marketwire - February 7, 2008) - ImmuCell Corporation (NASDAQ: ICCC) today
announced the results of its operations for the three and twelve month
periods ended December 31, 2007.
For the three-month period ended December 31, 2007, product sales increased
by 41%, or $430,000, to $1,490,000 in comparison to the same period in
2006. For the year ended December 31, 2007, product sales increased by
11%, or $466,000, to $4,772,000 compared to the same period in 2006.
"Most of this growth came from export sales. Sales of our lead product,
First Defense , increased by 64% and 16% during the three and twelve
month periods ended December 31, 2007, respectively," commented Michael F.
Brigham, President and CEO. "The 16% annual growth is a result of our
efforts to increase product sales worldwide."
The Company reported income before income taxes of $115,000 during the
three-month period ended December 31, 2007 in comparison to $202,000 during
the same period in 2006. This resulted in net income of $72,000 ($0.02 per
diluted share) during the three-month period ended December 31, 2007 in
comparison to $155,000 ($0.05 per diluted share) during the same period in
2006. The Company reported income before income taxes of $1,144,000 during
the year ended December 31, 2007 compared to $1,034,000 during the same
period in 2006. This resulted in net income of $662,000 ($0.22 per diluted
share) during the year ended December 31, 2007 compared to $647,000 ($0.21
per diluted share) during the same period in 2006. During the third
quarter of 2007, the Company recorded a non-recurring net increase to
income before income taxes of approximately $602,000, with no impact on
cash, in connection with the termination of a product license.
Total product development expenses increased by 63%, or $167,000, during
the three-month period ended December 31, 2007 in comparison to the same
period in 2006, and these expenses increased by 64%, or $613,000, during
the year ended December 31, 2007 compared to the same period in 2006.
"Excluding non-cash amortization expense related to an intangible
technology asset from both periods, product development expenses increased
by 53%, or $394,000, during the year ended December 31, 2007 compared to
the same period in 2006," added Mr. Brigham.
Cash, cash equivalents and short-term investments decreased by 18%, or
$1,202,000, to $5,412,000 at December 31, 2007 as compared to $6,614,000 at
December 31, 2006. The decrease was largely due to an investment made in
our facility in connection with an ongoing effort to become compliant with
current Good Manufacturing Practices (cGMP) regulations. Stockholders'
equity increased by 8%, or $725,000, to $10,057,000 at December 31, 2007 as
compared to $9,332,000 at December 31, 2006. The Company had 2,892,000
shares of common stock outstanding as of December 31, 2007.
(Unaudited) (Unaudited)
Three Months Ended Twelve Months Ended
December 31, December 31,
------------------- -------------------
(In thousands, except per share 2007 2006 2007 2006
amounts) --------- --------- --------- ---------
Product Sales $ 1,490 $ 1,060 $ 4,772 $ 4,306
Other Revenues 13 163 1,297 495
--------- --------- --------- ---------
Total Revenues 1,503 1,223 6,069 4,801
Product costs 651 521 2,269 1,882
Product development expenses 430 264 1,579 966
Selling, general and administrative
expenses 365 310 1,349 1,182
--------- --------- --------- ---------
Total costs and expenses 1,446 1,095 5,197 4,030
--------- --------- --------- ---------
Net operating income 57 128 872 771
Interest and other income 58 74 272 263
--------- --------- --------- ---------
Income before income taxes 115 202 1,144 1,034
Income tax expense 43 47 482 387
--------- --------- --------- ---------
Net income $ 72 $ 155 $ 662 $ 647
========= ========= ========= =========
Net income per common share:
Basic $ 0.02 $ 0.05 $ 0.23 $ 0.22
Diluted $ 0.02 $ 0.05 $ 0.22 $ 0.21
Weighted average common shares
Basic 2,892 2,897 2,897 2,888
Diluted 2,990 3,061 3,034 3,051
At December At December
(In thousands) 31, 2006 31, 2007
------------ ------------
Cash, cash equivalents and short-term investments $ 6,614 $ 5,412
Total assets 11,364 10,412
Net working capital 6,934 6,710
Stockholders equity $ 9,332 $ 10,057
ImmuCell Corporation is a biotechnology company that is developing,
manufacturing and selling products that improve animal health and
productivity in the dairy and beef industries. Press releases and other
information about the Company are available at http://www.immucell.com.
Contact Information: Contact:
President and Chief Executive Officer
(207) 878-2770 Ext. 3106