ImmuCell Announces Increase in Product Sales and Continued Profitability  Press Release: ImmuCell Corporation – Tue, May 14, 2013 8:00 AM EDT 0
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PORTLAND, ME--(Marketwired - May 14, 2013) - ImmuCell Corporation (NASDAQ: ICCC) today announced the results of its operations for the three-month period ended March 31, 2013.
During the three-month period ended March 31, 2013, product sales increased by 8%, or $130,000, to $1,847,000 in comparison to $1,717,000 during the same period in 2012.
Net operating income was $327,000 during the three-month period ended March 31, 2013, in comparison to net operating income of $281,000 during the same period in 2012. The net income was $204,000, or $0.07 per share, during the three-month period ended March 31, 2013, in comparison to net income of $155,000, or $0.05 per share, during the same period in 2012. The improved financial performance is largely due to increased gross margin from sales of First Defense®.
"In this extremely challenging dairy and beef economy with a record low milk-to-feed price ratio narrowing our customers' profit margins, our product sales increased by 8% and 5% during the three-month and twelve-month periods ended March 31, 2013, respectively," commented Michael F. Brigham, President and CEO. "This sales growth contributed to our continued profitability, while we are actively seeking a partner to help us complete the development and commercialization of Mast Out®."
Cash, cash equivalents and short-term investments increased by 8%, or $392,000, to $5,305,000 as of March 31, 2013, in comparison to $4,914,000 as of December 31, 2012. Stockholders' equity increased by 2%, or $219,000, to $9,413,000 as of March 31, 2013, in comparison to $9,195,000 as of December 31, 2012. The Company had 3,019,000 shares of common stock outstanding as of March 31, 2013.
About ImmuCell:
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:
Michael F. Brigham, President and Chief Executive Officer
(207) 878-2770 Ext. 3106
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(Unaudited)
For the Three-Month Periods Ended March 31, | | | (In thousands, except per share amounts) | | 2013 | | 2012 | | | | | | | | | | | | Product sales | | $ | 1,847 | | $ | 1,717 | | | Costs of goods sold | | | 793 | | | 704 | | | | Gross margin | | | 1,054 | | | 1,013 | | | | | | | | | | | | Product development expenses | | | 267 | | | 248 | | | Sales, marketing and administrative expenses | | | 461 | | | 484 | | | | Other operating expenses | | | 728 | | | 732 | | | | | | | | | | | | NET OPERATING INCOME | | | 326 | | | 281 | | | | | | | | | | | | Other revenues (expenses), net | | | 44 | | | (10 | ) | | | | | | | | | | | INCOME BEFORE INCOME TAXES | | | 370 | | | 271 | | | | | | | | | | | | Income tax expense | | | 166 | | | 116 | | | | | | | | | | | | NET INCOME | | $ | 204 | | $ | 155 | | | | | | | | | | | | Weighted average common shares outstanding: | | | | | | | | | | Basic | | | 3,019 | | | 3,016 | | | | Diluted | | | 3,084 | | | 3,103 | | | NET INCOME PER SHARE: | | | | | | | | | | Basic | | $ | 0.07 | | $ | 0.05 | | | | Diluted | | $ | 0.07 | | $ | 0.05 | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | (Unaudited) | | | | | | As of
March 31, 2013 | | As of
December 31, 2012 | | (In thousands) | | | | | | | | Cash, cash equivalents and short-term investments | | $ | 5,305 | | $ | 4,914 | | Total assets | | | 11,111 | | | 11,030 | | Net working capital | | | 7,082 | | | 6,697 | | Stockholders' equity | | $ | 9,413 | | $ | 9,195 | | | | | | | | | | | | | | | | |
Contact:
Michael F. Brigham
President and Chief Executive Officer
(207) 878-2770 Ext. 3106 |
