Full Press Release Details
PORTLAND, ME--(Marketwire - August 3, 2007) - ImmuCell Corporation (NASDAQ: ICCC) today
announced the results of its operations for the three and six month periods
ended June 30, 2007.
For the three months ended June 30, 2007, product sales were $791,000,
representing an increase of $41,000, or 6%, in comparison to the same
period in 2006. The Company incurred a net loss of $60,000 ($0.02 per
diluted share) during the three months ended June 30, 2007, in contrast to
net income of $16,000 ($0.01 per diluted share) during the same period in
For the six months ended June 30, 2007, product sales were $2,300,000,
representing an increase of $113,000, or 5%, in comparison to the same
period in 2006. The Company recognized net income of $237,000 ($0.08 per
diluted share) during the six months ended June 30, 2007, compared to net
income of $322,000 ($0.11 per diluted share) during the same period in
"While more would always be better, 5% sales growth is reasonable for our
current products in our current markets," said Michael F. Brigham,
President and CEO, commenting on the product sales increase during the six
month period ended June 30, 2007 in comparison to the same period in 2006.
"The small loss in the second quarter was largely caused by a lower than
expected gross margin on product sales and increased product development
On July 19, 2007, ImmuCell announced that Pfizer Animal Health had elected
to terminate its product development and marketing agreement covering Mast
Out and return the product rights to ImmuCell. As a result of this
termination, the Company expects to recognize the remaining deferred income
from non-refundable milestone payments received from Pfizer and to
write-off the remaining unamortized cost of associated technology license
rights. This will result in a net increase to income before income taxes
of approximately $602,000 during the third quarter of 2007, with no impact
"Because we believe that the termination decision was primarily market
driven, rather than arising from any unanticipated efficacy or regulatory
issues, we intend to carry on the product development efforts for Mast
Out ," said Michael F. Brigham, President and CEO. "Having access to the
new space provided by the recently completed renovation of our facility is
very timely and better positions us to develop the product."
Cash, cash equivalents and short-term investments decreased by 16%, or
$1,090,000, to $5,524,000 at June 30, 2007, as compared to $6,614,000 at
December 31, 2006. The decrease was largely caused by the investment in
equipment and facility improvements related to an effort to gain compliance
with current Good Manufacturing Practices (cGMP) regulations in its
manufacturing operations. Shareholders' equity increased by 3%, or
$310,000, to $9,642,000 at June 30, 2007, as compared to $9,332,000 at
December 31, 2006. The Company had 2,906,000 shares of common stock
outstanding as of June 30, 2007.
(Unaudited) (Unaudited)
Three Months Ended Six Months Ended
---------------- -----------------
(In thousands, except per share
amounts) 2007 2006 2007 2006
------- ------- -------- --------
Product sales $ 791 $ 749 $ 2,300 $ 2,187
Other revenues 168 93 335 198
------- ------- -------- --------
Total revenues 959 842 2,635 2,385
Product costs 511 386 1,141 895
Product development expenses 294 231 560 466
Selling, general and administrative
expenses 307 257 656 599
------- ------- -------- --------
Total costs and expenses 1,112 874 2,357 1,960
------- ------- -------- --------
Net operating (loss) income (153) (32) 278 425
Interest and other income 70 64 146 116
------- ------- -------- --------
Income (loss) before income taxes (83) 32 424 541
Income tax expense (credit) (23) 16 187 219
------- ------- -------- --------
Net income (loss) $ (60) $ 16 $ 237 $ 322
======= ======= ======== ========
Net income (loss) per common share:
Basic $ (0.02) $ 0.01 $ 0.08 $ 0.11
Diluted $ (0.02) $ 0.01 $ 0.08 $ 0.11
Weighted average common shares
Basic 2,903 2,893 2,900 2,872
Diluted 2,903 3,073 3,066 3,055
At December 31, At June 30,
(In thousands) 2006 2007
------------ ------------
Cash, cash equivalents and short-term
investments $ 6,614 $ 5,524
Total assets 11,364 10,847
Net working capital 6,934 5,815
Stockholders equity $ 9,332 $ 9,642
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