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ImmuCell Corporation: ImmuCell Announces Financial Results for Second Quarter of 2009

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^{Published in Health and Fitness on Tuesday, August 4th 2009 at 5:43 GMT, Last Modified on 2009-08-04 05:44:00 by Market Wire}  

PORTLAND, ME--(Marketwire - August 4, 2009) - ImmuCell Corporation (NASDAQ: [ ICCC ]) today announced the results of its operations for the quarter and six months ended June 30, 2009.

For the three-month period ended June 30, 2009, product sales increased by 21%, or $175,000, to $1,001,000 in comparison to the same period in 2008. For the six-month period ended June 30, 2009, product sales increased by less than 1%, or $4,000, to $2,461,000 in comparison to the same period in 2008.

"In this economy, some say that 'the new up is flat.' At a time when our primary customers are fighting to stay in business in the face of record low milk prices and high feed costs, any sales growth is an important validation of the value of our products," commented Michael F. Brigham, President and CEO.

Product development expenses increased by 16%, or $66,000, to $489,000 during the three-month period ended June 30, 2009 in comparison to the same period in 2008. Product development expenses increased by 22%, or $166,000, to $921,000 during the six-month period ended June 30, 2009 in comparison to the same period in 2008.

The loss before income taxes was $(282,000) during the three-month period ended June 30, 2009 in comparison to a loss before income taxes of $(339,000) during the same period in 2008. The net loss was $(148,000) (or $(0.05) per share) during the three-month period ended June 30, 2009 in comparison to a net loss of $(238,000) (or $(0.08) per share) during the same period in 2008.

The loss before income taxes was $(319,000) during the six-month period ended June 30, 2009 in comparison a loss before income taxes of $(210,000) during the same period in 2008. The net loss was $(182,000) (or $(0.06) per share) during the six-month period ended June 30, 2009 in comparison to a net loss of $(160,000) (or $(0.06) per share) during the same period in 2008.

"Our product development spending and our loss before income taxes largely reflect our strategic decision to make a significant and controlled investment in Mast Out®," added Mr. Brigham. "In connection with the development of Mast Out®, we have completed the treatment phase of the pivotal effectiveness study and will make a public announcement of the results as soon as the data analysis is complete."

Cash, cash equivalents and short-term investments decreased by 5%, or $238,000, to $4,816,000 at June 30, 2009 as compared to $5,054,000 at December 31, 2008. Stockholders' equity decreased by less than 1%, or $27,000, to $9,617,000 at June 30, 2009 as compared to $9,644,000 at December 31, 2008. The Company had 2,971,000 shares of common stock outstanding as of June 30, 2009.

 (Unaudited) (Unaudited) Three Months Ended Six Months Ended June 30, June 30, ------------------ ------------------ (In thousands, except per share amounts) 2009 2008 2009 2008 -------- -------- -------- -------- Revenues: Product Sales $ 1,000 $ 826 $ 2,461 $ 2,457 Other Revenues 1 -- 2 5 -------- -------- -------- -------- Total Revenues 1,001 826 2,463 2,462 Cost and expenses: Product costs 513 447 1,253 1,261 Product development expenses 489 423 921 755 Selling, general and administrative expenses 315 351 677 772 -------- -------- -------- -------- Total costs and expenses 1,317 1,221 2,851 2,788 -------- -------- -------- -------- Net operating loss (316) (395) (388) (326) Interest and other income 33 56 69 116 -------- -------- -------- -------- Loss before income taxes (283) (339) (319) (210) Income tax benefit (135) (101) (137) (50) -------- -------- -------- -------- Net loss $ (148) $ (238) $ (182) $ (160) ======== ======== ======== ======== Net loss per common share: Basic $ (0.05) $ (0.08) $ (0.06) $ (0.06) Diluted $ (0.05) $ (0.08) $ (0.06) $ (0.06) ======== ======== ======== ======== Weighted average common shares outstanding: Basic 2,971 2,893 2,947 2,893 Diluted 2,971 2,893 2,947 2,893 (In thousands) At June 30, 2009 At December 31, 2008 ---------------- -------------------- Cash, cash equivalents and short-term investments $ 4,816 $ 5,054 Total assets 10,007 10,128 Net working capital 6,192 6,245 Stockholders' equity $ 9,617 $ 9,644 

ImmuCell Corporation is a biotechnology company that is developing, manufacturing and selling products that improve animal health and productivity in the dairy and beef industries. Press releases and other information about the Company are available at [ http://www.immucell.com ].