Health & Fitness
Health and Fitness
Health and Fitness
Mon, February 13, 2012
ImmuCell Announces Product Sales Growth and Other Financial Results for 2011
February 13, 2012 08:00 ET
ImmuCell Announces Product Sales Growth and Other Financial Results for 2011
PORTLAND, ME--(Marketwire - Feb 13, 2012) - ImmuCell Corporation (
During the three-month period ended December 31, 2011, product sales increased by 16%, or $181,000, to $1,305,000 in comparison to the same period in 2010. During the year ended December 31, 2011, product sales increased by 17%, or $725,000, to $5,111,000 in comparison to 2010.
"A 21% increase in sales of our lead product, First Defense®, during 2011 over 2010, demonstrates a solid return on our increased investment in sales and marketing," commented Michael F. Brigham, President and CEO. "The essentially breakeven results during the fourth quarter of 2011 are a good indication of our improving financial performance."
Mr. Brigham further commented, "This growth in our commercial business is important to us while we continue to actively seek a partner with whom to complete the development of Mast Out®."
The income before income taxes was $2,000 during the three-month period ended December 31, 2011, in contrast to a loss before income taxes of $(231,000) during the same period in 2010. The net loss was $(1,000), or $(0.00) per share during the three-month period ended December 31, 2011, in comparison to a net loss of $(128,000), or $(0.04) per share during the same period in 2010.
The loss before income taxes was $(697,000) during the year ended December 31, 2011, in comparison to a loss before income taxes of $(683,000) during 2010. The net loss was $(410,000), or $(0.14) per share during the year ended December 31, 2011, in comparison to a net loss of $(385,000), or $(0.13) per share during 2010.
Cash, cash equivalents and short-term investments increased by 7%, or $334,000, to $4,960,000 at December 31, 2011 as compared to $4,626,000 at December 31, 2010. Stockholders' equity decreased by 3%, or $262,000, to $9,020,000 at December 31, 2011 as compared to $9,282,000 at December 31, 2010. The Company had 3,004,000 shares of common stock outstanding as of December 31, 2011.
(Unaudited) Three-Month Periods Ended December 31, | Years Ended December 31, | ||||||||||||||||
| (In thousands, except per share amounts) | 2011 | 2010 | 2011 | 2010 | |||||||||||||
| Product sales | $ | 1,305 | $ | 1,123 | $ | 5,111 | $ | 4,386 | |||||||||
| Costs of goods sold | 580 | 536 | 2,297 | 2,084 | |||||||||||||
| Gross margin | 725 | 587 | 2,814 | 2,302 | |||||||||||||
| Product development expenses | 271 | 442 | 1,720 | 1,493 | |||||||||||||
| Sales, marketing and administrative expenses | 445 | 365 | 1,727 | 1,499 | |||||||||||||
| Other operating expenses | 716 | 807 | 3,447 | 2,992 | |||||||||||||
| NET OPERATING INCOME (LOSS) | 9 | (220 | ) | (633 | ) | (690 | ) | ||||||||||
| Other (expenses) revenues, net | (7 | ) | (11 | ) | (64 | ) | 7 | ||||||||||
| INCOME (LOSS) BEFORE INCOME TAXES | 2 | (231 | ) | (697 | ) | (683 | ) | ||||||||||
| Income tax (expense) benefit | (3 | ) | 103 | 287 | 298 | ||||||||||||
| NET INCOME (LOSS) | $ | (1 | ) | $ | (128 | ) | $ | (410 | ) | $ | (385 | ) | |||||
| Weighted average common shares outstanding: | |||||||||||||||||
| Basic | 3,001 | 2,971 | 2,985 | 2,971 | |||||||||||||
| Diluted | 3,001 | 2,971 | 2,985 | 2,971 | |||||||||||||
| NET INCOME (LOSS) PER SHARE: | |||||||||||||||||
| Basic | $ | (0.00 | ) | $ | (0.04 | ) | $ | (0.14 | ) | $ | (0.13 | ) | |||||
| Diluted | $ | (0.00 | ) | $ | (0.04 | ) | $ | (0.14 | ) | $ | (0.13 | ) | |||||
| (In thousands) | At December 31, 2011 | At December 31, 2010 | ||||
| Cash, cash equivalents and short-term investments | $ | 4,960 | $ | 4,626 | ||
| Total assets | 10,991 | 10,751 | ||||
| Net working capital | 6,516 | 6,441 | ||||
| Stockholders' equity | $ | 9,020 | $ | 9,282 | ||
About ImmuCell:
ImmuCell Corporation's (
