Full Press Release Details
PORTLAND, ME--(Marketwire - February 9, 2011) - ImmuCell Corporation (NASDAQ: ICCC) today
announced the results of its operations for the quarter and year ended
For the three-month period ended December 31, 2010, product sales increased
by 9%, or $89,000, to $1,123,000 in comparison to the same period in 2009.
For the year ended December 31, 2010, product sales decreased by 3%, or
$120,000, to $4,386,000 in comparison to 2009.
"A 13% increase in sales of First Defense during the fourth quarter of
2010 over the fourth quarter of 2009 gives us some optimism that we may be
turning the corner for the better in what has been a very difficult dairy
economy since 2008," commented Michael F. Brigham, President and CEO. "We
increased our investment in the sales and marketing of First Defense
during 2010, while we advance towards the completion of the development of
The loss before income taxes was $231,000 during the three-month period
ended December 31, 2010 in comparison to a loss before income taxes of
$89,000 during the same period in 2009. The net loss was $128,000, or
$0.04 per share, during the three-month period ended December 31, 2010 in
comparison to a net loss of $15,000, or $0.01 per share, during 2009.
The loss before income taxes was $683,000 during the year ended December
31, 2010 in comparison to a loss before income taxes of $429,000 during the
same period in 2009. The net loss was $385,000, or $0.13 per share, during
the year ended December 31, 2010 in comparison to a net loss of $216,000,
or $0.07 per share, during 2009.
"After nine consecutive years of profitability, our losses in 2008, 2009
and 2010 reflect our strategic decision to make a significant and
controlled investment in the development of Mast Out ," added Mr. Brigham.
Cash, cash equivalents and short-term investments increased by 1%, or
$41,000, to $4,626,000 at December 31, 2010 as compared to $4,585,000 at
December 31, 2009. Stockholders' equity decreased by 4%, or $340,000, to
$9,282,000 at December 31, 2010 as compared to $9,622,000 at December 31,
2009. The Company had 2,974,000 shares of common stock outstanding as of
Three Months Twelve Months
December 31, December 31,
---------------- -----------------
(In thousands, except per share amounts) 2010 2009 2010 2009
------- ------- -------- --------
Product sales $ 1,123 $ 1,034 $ 4,386 $ 4,506
Cost of goods sold 536 443 2,084 2,108
------- ------- -------- --------
Gross margin 587 591 2,302 2,398
Product development expenses 442 395 1,493 1,645
Sales, marketing and administrative
expenses 365 296 1,499 1,283
------- ------- -------- --------
Other operating expenses 807 691 2,992 2,928
------- ------- -------- --------
NET OPERATING LOSS 220 100 690 530
Other (expenses) revenues, net (11) 11 7 102
------- ------- -------- --------
LOSS BEFORE INCOME TAXES 231 89 683 428
Income tax benefit 103 74 298 212
------- ------- -------- --------
NET LOSS $ 128 $ 15 $ 385 $ 216
======= ======= ======== ========
Weighted average common shares
Basic 2,971 2,971 2,971 2,959
Diluted 2,971 2,971 2,971 2,959
Basic $ 0.04 $ 0.01 $ 0.13 $ 0.07
Diluted $ 0.04 $ 0.01 $ 0.13 $ 0.07
At December At December
------------ ------------
Cash, cash equivalents and short-term investments $ 4,626 $ 4,585
Total assets 10,751 9,985
Net working capital 6,441 5,944
Stockholders' equity $ 9,282 $ 9,622
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
web-site, (http://www.immucell.com).
Contact Information: Contact:
President and Chief Executive Officer
(207) 878-2770 Ext. 3106