PORTLAND, ME--(Marketwire - May 14, 2012) - ImmuCell Corporation (
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 | ||
About ImmuCell:
ImmuCell Corporation's (
Contact Information:
Contact:
Michael F. Brigham
President and Chief Executive Officer
(207) 878-2770 Ext. 3106