Health & Fitness
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Health and Fitness
Thu, November 8, 2012
Wed, November 7, 2012
ImmuCell Announces Product Sales Increases and Other Financial Results
November 07, 2012 08:00 ET
ImmuCell Announces Product Sales Increases and Other Financial Results
PORTLAND, ME--(Marketwire - Nov 7, 2012) - ImmuCell Corporation (
"In this extremely challenging dairy and beef economy with a record low milk-to-feed price ratio narrowing our customers' profit margins, sales of our lead product, First Defense®, increased by 9% and 2% during the third quarter and year-to-date, respectively," commented Michael F. Brigham, President and CEO.
The net operating loss was ($86,000) during the three-month period ended September 30, 2012, in comparison to a net operating loss of ($192,000) during the same period in 2011. The net loss was ($64,000), or ($0.02) per share, during the three-month period ended September 30, 2012, in comparison to a net loss of ($128,000), or ($0.04) per share, during the same period in 2011.
Net operating income was $233,000 during the nine-month period ended September 30, 2012, in contrast to a net operating loss of ($642,000) during the same period in 2011. Net income was $106,000, or $0.03 per share, during the nine-month period ended September 30, 2012, in contrast to a net loss of ($409,000), or ($0.14) per share, during the same period in 2011. The improved financial performance is principally due to planned reductions in product development expenses associated with the Mast Out® initiative, as well as increased gross margin from sales of First Defense®.
During the three-month period ended September 30, 2012, product sales increased by 7%, or $73,000, to $1,077,000 in comparison to the same period in 2011. During the nine-month period ended September 30, 2012, product sales increased by 4%, or $162,000, to $3,969,000 in comparison to the same period in 2011.
Cash, cash equivalents and short-term investments decreased by 3%, or $139,000, to $4,820,000 at September 30, 2012 as compared to $4,960,000 at December 31, 2011. Stockholders' equity increased by 2%, or $179,000, to $9,199,000 at September 30, 2012 as compared to $9,020,000 at December 31, 2011. The Company had 3,019,000 shares of common stock outstanding as of September 30, 2012.
(Unaudited) Three-Month Periods Ended September 30, | (Unaudited) Nine-Month Periods Ended September 30, | |||||||||||||||
| (In thousands, except per share amounts) | 2012 | 2011 | 2012 | 2011 | ||||||||||||
| Product sales | $ | 1,077 | $ | 1,003 | $ | 3,969 | $ | 3,807 | ||||||||
| Costs of goods sold | 456 | 477 | 1,665 | 1,718 | ||||||||||||
| Gross margin | 621 | 526 | 2,304 | 2,089 | ||||||||||||
| Product development expenses | 224 | 304 | 683 | 1,449 | ||||||||||||
| Sales, marketing and administrative expenses | 483 | 414 | 1,389 | 1,282 | ||||||||||||
| Other operating expenses | 707 | 718 | 2,072 | 2,731 | ||||||||||||
| NET OPERATING (LOSS) INCOME | (86 | ) | (192 | ) | 232 | (642 | ) | |||||||||
| Other expenses, net | 8 | 19 | 29 | 57 | ||||||||||||
| (LOSS) INCOME BEFORE INCOME TAXES | (94 | ) | (211 | ) | 203 | (699 | ) | |||||||||
| Income tax (benefit) expense | (30 | ) | (83 | ) | 97 | (290 | ) | |||||||||
| NET (LOSS) INCOME | $ | (64 | ) | $ | (128 | ) | $ | 106 | $ | (409 | ) | |||||
| Weighted average common shares outstanding: | ||||||||||||||||
| Basic | 3,019 | 2,981 | 3,018 | 2,974 | ||||||||||||
| Diluted | 3,019 | 2,981 | 3,111 | 2,974 | ||||||||||||
| NET (LOSS) INCOME PER SHARE: | ||||||||||||||||
| Basic | $ | (0.02 | ) | $ | (0.04 | ) | $ | 0.04 | $ | (0.14 | ) | |||||
| Diluted | $ | (0.02 | ) | $ | (0.04 | ) | $ | 0.03 | $ | (0.14 | ) | |||||
| (Unaudited) | ||||||
| (In thousands) | As of September 30, 2012 | As of December 31, 2011 | ||||
| Cash, cash equivalents and short-term investments | $ | 4,820 | $ | 4,960 | ||
| Total assets | 10,971 | 10,991 | ||||
| Net working capital | 6,719 | 6,516 | ||||
| Stockholders' equity | $ | 9,199 | $ | 9,020 | ||
About ImmuCell:
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