Full Press Release Details
PORTLAND, ME--(Marketwire - May 16, 2011) - ImmuCell Corporation (NASDAQ: ICCC) today
announced the results of its operations for the quarter ended March 31,
For the three-month period ended March 31, 2011, product sales increased by
19%, or $244,000, to $1,556,000 in comparison to the same period in 2010.
For the twelve-month period ended March 31, 2011, product sales increased
"A 21% increase in sales of First Defense® during the first quarter of
2011 over the first quarter of 2010 demonstrates a return on our increased
investment in sales and marketing," commented Michael F. Brigham, President
and CEO. "This growth in our commercial business is important to us while
we advance towards the completion of the development of Mast Out®."
The loss before income taxes was $31,000 during the three-month period
ended March 31, 2011 in comparison to a loss before income taxes of $65,000
during the same period in 2010. The net loss was $23,000, or $0.01 per
share, during the three-month period ended March 31, 2011 in comparison to
a net loss of $53,000, or $0.02 per share, during the same period in 2010.
Cash, cash equivalents and short-term investments increased by 15%, or
$683,000, to $5,309,000 at March 31, 2011 as compared to $4,626,000 at
December 31, 2010. Stockholders' equity decreased by less than 1%, or
$14,000, to $9,269,000 at March 31, 2011 as compared to $9,282,000 at
December 31, 2010. The Company had 2,974,000 shares of common stock
outstanding as of March 31, 2011.
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(In thousands, except per share amounts) 2011 2010
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Product sales $ 1,556 $ 1,312
Cost of goods sold 687 573
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Gross margin 869 739
Product development expenses 472 405
Sales, marketing and administrative expenses 413 408
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Other operating expenses 885 813
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NET OPERATING LOSS 16 74
Other (expenses) revenues, net (15) 10
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LOSS BEFORE INCOME TAXES 31 64
Income tax benefit 8 11
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Weighted average common shares outstanding:
Diluted $ 0.01 $ 0.02
At March 31, At December 31,
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Cash, cash equivalents and short-term
investments $ 5,309 $ 4,626
Total assets 11,409 10,751
Net working capital 6,881 6,441
Stockholders' equity $ 9,269 $ 9,282
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:
President and Chief Executive Officer
(207) 878-2770 Ext. 3106