ImmuCell Announces Product Sales Increases and Other Financial Results

Marketwired

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
             

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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