OLDSMAR, Fla., March 02, 2016 (GLOBE NEWSWIRE) -- Cryo-Cell International, Inc. (OTCQB:CCEL) (the “Company”), the world’s first private cord blood bank to separate and store stem cells in 1992, announced results for its fiscal year 2015.
Financial Results
Revenue
Consolidated revenues for fiscal 2015 were approximately $21.1 million compared to approximately $20.1 million for fiscal 2014. The revenues for fiscal 2015 consisted of approximately $19.6 million in processing and storage fee revenue, $1.0 million in licensee income, and $471,000 in product revenue compared to approximately $18.7 million in processing and storage fee revenue and approximately $1.5 million in licensee income for fiscal 2014.
Net Income
The Company reported net income in fiscal 2015 of $8.1 million, or $0.85 per basic share and $0.83 per diluted share, compared to net income of $554,000, or $0.05 per basic and diluted share in fiscal 2014. The increase in net income is primarily attributable to the Company releasing approximately $8.2 million of its valuation allowance for income taxes during the third and fourth quarters of fiscal 2015. The decision to reverse a portion of the allowance is based on the Company’s historical operating performance, which includes profitability in eleven of the last twelve quarters, steadily improving operations, which contributed to the Company coming out of a 36 month cumulative loss position, and positive expectations for future taxable income. The increase in net income for fiscal 2015 is also a result of a 5% increase in revenues.
Cash and Cash Equivalent Position
As of November 30, 2015, the Company had cash and cash equivalents of $4.2 million. The Company’s cash increased by approximately $873,000 during fiscal 2015.
About Cryo-Cell International, Inc.
Founded in 1989, Cryo-Cell International, Inc. is the world's first private cord blood bank. More than 500,000 parents from 87 countries trust Cryo-Cell to preserve their family members' stem cells. Cryo-Cell's mission is to provide clients with state-of-the-art stem cell cryopreservation services and support the advancement of regenerative medicine. Cryo-Cell operates in a facility that is FDA registered, cGMP-/cGTP-compliant and is licensed in all states requiring licensure. Besides being AABB accredited as a cord blood facility, Cryo-Cell is also the first U.S. (for private use only) cord blood bank to receive FACT accreditation for adhering to the most stringent cord blood quality standards set by any internationally recognized, independent accrediting organization. In addition, Cryo-Cell is ISO 9001:2008 certified by BSI, an internationally recognized, quality assessment organization. Cryo-Cell is a publicly traded company, OTCQB:CCEL. For more information, please visit www.cryo-cell.com.
Forward-Looking Statement
Statements wherein the terms “believes”, “intends”, “projects”, “anticipates”, “expects”, and similar expressions 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, many of which are outside the control of the Company. These uncertainties and other factors include the success of the Company’s global expansion initiatives and product diversification, the Company’s actual future ownership stake in future therapies emerging from its collaborative research partnerships, the success related to its IP portfolio, the Company’s future competitive position in stem cell innovation, future success of its core business and the competitive impact of public cord blood banking on the Company’s business, the Company’s ability to minimize future costs to the Company related to R&D initiatives and collaborations and the success of such initiatives and collaborations, the success and enforceability of the Company’s menstrual stem cell technology license agreements and umbilical cord blood license agreements and their ability to provide the Company with royalty fees, the ability of the reproductive tissue storage to generate new revenues for the Company and those risks and uncertainties contained in risk factors described in 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. The Company disclaims any obligations to subsequently revise any forward-looking statements to reflect events or circumstances after the date of such statements.