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Have you seen the press?
Monday October 15, 7:52 am Eastern Time
Press Release
SOURCE: CRYO-CELL International, Inc.
CRYO-CELL Announces Third Quarter 2001 Earnings
CLEARWATER, Fla., Oct. 15 /PRNewswire/ -- Jill M. Taymans, Chief Financial Officer of CRYO-CELL International, Inc. (Nasdaq: CCEL - news), announced today the Company's third quarter 2001 financial results. The Company filed its results with the SEC on October 12, 2001 for the quarter ending August 31, 2001.
(Photo: newscom.com )
Financial highlights for the third quarter 2001 include:
* Revenues. Third quarter revenue was $1,414,417 vs. $554,628 for the
same period in 2000. Year to date 2001 revenues are $4,046,906 vs.
$1,500,269 for the first nine months of fiscal 2000, representing a
170% increase. The 2001 revenue figure includes $750,000 from the sale
of a Revenue Sharing Agreement which was recognized in the second
quarter.
* Gross Profit. Year to date gross profit of $2,933,105 stood at 72% of
sales, representing both the positive impact of the Revenue Sharing
Agreement and the increasing number of annual renewal storage fees.
* Operating Expenses. SG&A increased 36% year to year vs. the revenue
increase of 170%, effectively leveraging the expense increase against
the faster increasing revenues.
* Net income for the quarter was $272,144 vs. a loss of $260,499 for the
same period last year. YTD net income is $626,375 vs. a net loss of
$938,396 last year. Third quarter 2001 was the second consecutive
profitable quarter for the Company.
* Third quarter 2001 earnings per share were $.03 while year to date
earnings per share were $.06, compared to losses of ($.03) and ($.10)
for the same time periods in 2000, respectively.
Wanda D. Dearth, President & COO, stated that the Company's Balance Sheet is the strongest in its history. Assets in excess of $13MM are 48% higher than at May 31, 2001 and 64% higher than at year-end, fiscal 2000. The Company had in excess of $5MM cash, and no long term debt.
According to Daniel D. Richard, Chairman & CEO, other business highlights
for the quarter include:
* International Expansion. The Company finalized marketing license
agreements for its U-Cord(TM) program with Mexico/Central America and
Israel/ the Middle East. The Company also took a 21.9% equity position
in CRYO-CELL Italia, Srl.
* CRYO-CELL announced a stock dividend in the shares of its wholly-owned
subsidiary, Stem Cell Preservation Technologies, Inc.
* CRYO-CELL's subsidiary, CCEL BIO-THERAPIES merged with Saneron
Therapeutics, Inc. The combined companies will leverage their
technologies to develop treatments for a variety of degenerative
neurological diseases.
Mr. Richard stated, ``2001 continues to be a year of significant growth and accomplishments for our Company on many fronts. We are seeing the benefits of our 'affordability strategy' and our progress to expand globally. We are also pleased with the exciting initiatives ahead for our subsidiaries.''
CRYO-CELL is America's fastest growing and largest exclusive private umbilical cord blood stem cell preservation firm. The Company pioneered affordable cord blood stem cell storage. Its initial fees are 1/4 to 1/5 the cost of many of its major competitors, and its $50 annual fee is fixed for specimens already in storage. This is why approximately 17,500 OB/GYNs and medical caregivers support their patients' decisions to preserve their newborns' U-Cord(TM) stem cells at CRYO-CELL's state-of-the-art lab in Clearwater, Florida.
CRYO-CELL is a publicly traded company (NASDAQ symbol ... C C E L).
CRYO-CELL Web site: www.cryo-cell.com .
CRYO-CELL Europe Web site: www.cryoc.com .
CRYO-CELL Mexico/Central America Web site: www.cryo-cell.com.mx .
Forward-Looking Statement
Statements wherein the terms ``believes,'' ``intends,'' ``projects'' or ``expects'' as used are intended to reflect ``forward-looking statements'' of the Company. The information contained herein is subject to various risks, uncertainties and other factors that could cause actual results to differ materially from the results anticipated in such forward-looking statements or paragraphs. Readers should carefully review the risk factors described in other documents the Company files from time to time with the Securities and Exchange Commission, including the most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and any Current Reports on Form 8-K filed by the Company.
SOURCE: CRYO-CELL International, Inc. \
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