PORTLAND, ME--(Marketwired - May 14, 2013) - ImmuCell Corporation (
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 (
Contact: Michael F. Brigham, President and Chief Executive Officer (207) 878-2770 Ext. 3106
| (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
