Full Press Release Details
PORTLAND, ME--(Marketwire - Nov 7, 2012) - ImmuCell Corporation (NASDAQ: ICCC) today announced the results of its operations for the three-month and nine-month periods ended September 30, 2012.
"In this extremely challenging dairy and beef economy with a record low milk-to-feed price ratio narrowing our customers' profit margins, sales of our lead product, First Defense , increased by 9% and 2% during the third quarter and year-to-date, respectively," commented Michael F. Brigham, President and CEO.
The net operating loss was ($86,000) during the three-month period ended September 30, 2012, in comparison to a net operating loss of ($192,000) during the same period in 2011. The net loss was ($64,000), or ($0.02) per share, during the three-month period ended September 30, 2012, in comparison to a net loss of ($128,000), or ($0.04) per share, during the same period in 2011.
Net operating income was $233,000 during the nine-month period ended September 30, 2012, in contrast to a net operating loss of ($642,000) during the same period in 2011. Net income was $106,000, or $0.03 per share, during the nine-month period ended September 30, 2012, in contrast to a net loss of ($409,000), or ($0.14) per share, during the same period in 2011. The improved financial performance is principally due to planned reductions in product development expenses associated with the Mast Out initiative, as well as increased gross margin from sales of First Defense .
During the three-month period ended September 30, 2012, product sales increased by 7%, or $73,000, to $1,077,000 in comparison to the same period in 2011. During the nine-month period ended September 30, 2012, product sales increased by 4%, or $162,000, to $3,969,000 in comparison to the same period in 2011.
Cash, cash equivalents and short-term investments decreased by 3%, or $139,000, to $4,820,000 at September 30, 2012 as compared to $4,960,000 at December 31, 2011. Stockholders' equity increased by 2%, or $179,000, to $9,199,000 at September 30, 2012 as compared to $9,020,000 at December 31, 2011. The Company had 3,019,000 shares of common stock outstanding as of September 30, 2012.
| (Unaudited) Three-Month Periods Ended September 30, | (Unaudited) Nine-Month Periods Ended September 30, | |||||||||||||||
| (In thousands, except per share amounts) | 2012 | 2011 | 2012 | 2011 | ||||||||||||
| Product sales | $ | 1,077 | $ | 1,003 | $ | 3,969 | $ | 3,807 | ||||||||
| Costs of goods sold | 456 | 477 | 1,665 | 1,718 | ||||||||||||
| Gross margin | 621 | 526 | 2,304 | 2,089 | ||||||||||||
| Product development expenses | 224 | 304 | 683 | 1,449 | ||||||||||||
| Sales, marketing and administrative expenses | 483 | 414 | 1,389 | 1,282 | ||||||||||||
| Other operating expenses | 707 | 718 | 2,072 | 2,731 | ||||||||||||
| NET OPERATING (LOSS) INCOME | (86 | ) | (192 | ) | 232 | (642 | ) | |||||||||
| Other expenses, net | 8 | 19 | 29 | 57 | ||||||||||||
| (LOSS) INCOME BEFORE INCOME TAXES | (94 | ) | (211 | ) | 203 | (699 | ) | |||||||||
| Income tax (benefit) expense | (30 | ) | (83 | ) | 97 | (290 | ) | |||||||||
| NET (LOSS) INCOME | $ | (64 | ) | $ | (128 | ) | $ | 106 | $ | (409 | ) | |||||
| Weighted average common shares outstanding: | ||||||||||||||||
| Basic | 3,019 | 2,981 | 3,018 | 2,974 | ||||||||||||
| Diluted | 3,019 | 2,981 | 3,111 | 2,974 | ||||||||||||
| NET (LOSS) INCOME PER SHARE: | ||||||||||||||||
| Basic | $ | (0.02 | ) | $ | (0.04 | ) | $ | 0.04 | $ | (0.14 | ) | |||||
| Diluted | $ | (0.02 | ) | $ | (0.04 | ) | $ | 0.03 | $ | (0.14 | ) |
| (Unaudited) | ||||||
| (In thousands) | As of September 30, 2012 | As of December 31, 2011 | ||||
| Cash, cash equivalents and short-term investments | $ | 4,820 | $ | 4,960 | ||
| Total assets | 10,971 | 10,991 | ||||
| Net working capital | 6,719 | 6,516 | ||||
| Stockholders' equity | $ | 9,199 | $ | 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