Full Press Release Details
PORTLAND, ME--(Marketwire - November 8, 2010) - ImmuCell Corporation (NASDAQ: ICCC) today
announced the results of its operations for the three-month and nine-month
periods ended September 30, 2010.
"We sold our 10,000,000th dose of First Defense during the third quarter.
This milestone demonstrates the value of our technology and the long-term
market acceptance of our product," commented Michael F. Brigham, President
and CEO. "We did experience a 4% year-to-date decrease in domestic sales of
First Defense . Competition for resources that dairy producers allocate to
their calf enterprises has been increased by the severe economic challenges
that producers have been facing since the start of the current down cycle
in 2008 and by the many new products that have been introduced to the calf
"We finalized our manufacturing plans for Mast Out during the third
quarter by signing agreements with Lonza Sales Ltd. of Basel, Switzerland
and Norbrook Laboratories Ltd. of Newry, Northern Ireland," commented Dr.
Joseph H. Crabb, Vice President and Chief Scientific Officer. "Not only are
these steps critical for FDA approval of our Mast Out production process,
but these companies are world class manufacturing organizations."
For the three-month period ended September 30, 2010, product sales
decreased by 14%, or $137,000, to $874,000 in comparison to the same period
in 2009. For the nine-month period ended September 30, 2010, product sales
decreased by 6%, or $208,000, to $3,263,000 in comparison to the same
period in 2009. Year-to-date domestic sales decreased by approximately 3%,
while foreign sales declined by 19%.
The net loss was $(197,000), or $(0.07) per share, during the three-month
period ended September 30, 2010 in comparison to a net loss of $(19,000),
or $(0.01) per share, during the same period in 2009. The net loss was
$(257,000), or $(0.09) per share, during the nine-month period ended
September 30, 2010 in comparison to a net loss of $(201,000), or $(0.07)
per share, during the same period in 2009.
Cash, cash equivalents and short-term investments increased by 10%, or
$473,000, to $5,058,000 at September 30, 2010 as compared to $4,585,000 at
December 31, 2009. Proceeds from bank debt received during the third
quarter of 2010 aggregated $970,000, net of debt issuance costs and
repayments made prior to October 1, 2010. Stockholders' equity decreased by
3%, or $270,000, to $9,352,000 at September 30, 2010 as compared to
$9,622,000 at December 31, 2009. The Company had 2,971,000 shares of common
stock outstanding as of September 30, 2010.
(Unaudited) (Unaudited)
Three Months Ended Nine Months Ended
(In thousands, except per share September 30, September 30,
amounts) 2010 2009 2010 2009
-------- -------- -------- --------
Product Sales $ 874 $ 1,011 $ 3,263 $ 3,472
Other Revenues -- 1 2 3
-------- -------- -------- --------
Total Revenues 874 1,012 3,265 3,475
Product costs 516 412 1,548 1,665
Product development expenses 312 328 1,051 1,250
Sales, marketing and
administrative expenses 393 311 1,133 987
-------- -------- -------- --------
Total costs and expenses 1,221 1,051 3,732 3,902
-------- -------- -------- --------
Net operating loss (347) (39) (467) (427)
Interest and other income (3) 19 15 88
-------- -------- -------- --------
Loss before income taxes (350) (20) (452) (339)
Income tax benefit (153) (1) (195) (138)
-------- -------- -------- --------
Net loss $ (197) $ (19) $ (257) $ (201)
======== ======== ======== ========
Net loss per common share:
Basic $ (0.07) $ (0.01) $ (0.09) $ (0.07)
Diluted $ (0.07) $ (0.01) $ (0.09) $ (0.07)
======== ======== ======== ========
Weighted average common shares
Basic 2,971 2,971 2,971 2,955
Diluted 2,971 2,971 2,971 2,955
At September 30, At December 31,
(In thousands) 2010 2009
------------------ ------------------
Cash, cash equivalents and
short-term investments $ 5,058 $ 4,585
Total assets 10,771 9,985
Net working capital 6,652 5,944
Stockholders' equity $ 9,352 $ 9,622
Our 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 Information: Contact:
President and Chief Executive Officer
(207) 878-2770 Ext. 3106