Full Press Release Details
PORTLAND, ME--(Marketwire - May 14, 2012) - ImmuCell Corporation (NASDAQ: ICCC) today announced the results of its operations for the three-month period ended March 31, 2012.
During the three-month period ended March 31, 2012, product sales increased by 10%, or $161,000, to $1,717,000 in comparison to the same period in 2011. During the twelve-month period ended March 31, 2012, product sales increased by 14%, or $642,000, to $5,273,000 in comparison to the same period in 2011.
"A 13% increase in sales of our lead product, First Defense , during the first three months of 2012 over the same period in 2011, demonstrates a solid return on our increased investment in sales and marketing," commented Michael F. Brigham, President and CEO. "Based primarily on increased gross margin from sales of First Defense and the anticipated reduction in product development expenditures, we returned to profitable operations for the first time since the first quarter of 2008."
Income before income taxes was $271,000 during the three-month period ended March 31, 2012, in contrast to a loss before income taxes of ($31,000) during the same period in 2011. Net income was $155,000, or $0.05 per share, during the three-month period ended March 31, 2012, in contrast to a net loss of ($23,000), or ($0.01) per share, during the same period in 2011.
Cash, cash equivalents and short-term investments increased by 2%, or $95,000, to $5,054,000 at March 31, 2012 as compared to $4,960,000 at December 31, 2011. Stockholders' equity increased by 3%, or $227,000, to $9,247,000 at March 31, 2012 as compared to $9,020,000 at December 31, 2011. The Company had 3,019,000 shares of common stock outstanding as of March 31, 2012.
| (Unaudited) Three-Month Periods Ended March 31, | |||||||||
| (In thousands, except per share amounts) | 2012 | 2011 | |||||||
| Product sales | $ | 1,717 | $ | 1,556 | |||||
| Costs of goods sold | 705 | 687 | |||||||
| Gross margin | 1,012 | 869 | |||||||
| Product development expenses | 248 | 472 | |||||||
| Sales, marketing and administrative expenses | 483 | 414 | |||||||
| Other operating expenses | 731 | 886 | |||||||
| NET OPERATING INCOME (LOSS) | 281 | (17 | ) | ||||||
| Other (expenses) revenues, net | (10 | ) | (14 | ) | |||||
| INCOME (LOSS) BEFORE INCOME TAXES | 271 | (31 | ) | ||||||
| Income tax expense (benefit) | 116 | (8 | ) | ||||||
| NET INCOME (LOSS) | $ | 155 | $ | (23 | ) | ||||
| Weighted average common shares outstanding: | |||||||||
| Basic | 3,016 | 2,974 | |||||||
| Diluted | 3,103 | 2,974 | |||||||
| NET INCOME (LOSS) PER SHARE: | |||||||||
| Basic | $ | 0.05 | $ | (0.01 | ) | ||||
| Diluted | $ | 0.05 | $ | (0.01 | ) |
| (Unaudited) | ||||||
| (In thousands) | At March 31, 2012 | At December 31, 2011 | ||||
| Cash, cash equivalents and short-term investments | $ | 5,054 | $ | 4,960 | ||
| Total assets | 11,171 | 10,991 | ||||
| Net working capital | 6,780 | 6,516 | ||||
| Stockholders' equity | $ | 9,247 | $ | 9,020 |
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 available at our web-site, (http://www.immucell.com).
Contact Information: Contact:
President and Chief Executive Officer
(207) 878-2770 Ext. 3106