SOURCE: ImmuCell Corporation
PORTLAND, ME--(Marketwire - Nov 7, 2012) - ImmuCell Corporation (NASDAQ: ICCC) today announced the results of its operations for the three-month and nine-month periods ended September 30, 2012.
"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 $9,020,000 at December 31, 2011. The Company had 3,019,000 shares of common stock outstanding as of September 30, 2012.
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(Unaudited)
Three-Month Periods Ended September 30, |
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(Unaudited)
Nine-Month Periods Ended September 30, |
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| (In thousands, except per share amounts) |
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2012 |
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2011 |
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2012 |
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2011 |
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| Product sales |
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$ |
1,077 |
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$ |
1,003 |
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$ |
3,969 |
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$ |
3,807 |
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| Costs of goods sold |
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456 |
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477 |
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1,665 |
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1,718 |
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Gross margin |
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621 |
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526 |
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2,304 |
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2,089 | |
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| Product development expenses |
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224 |
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304 |
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683 |
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1,449 |
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| Sales, marketing and administrative expenses |
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483 |
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414 |
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1,389 |
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1,282 |
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Other operating expenses |
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707 |
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718 |
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2,072 |
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2,731 |
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| NET OPERATING (LOSS) INCOME |
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(86 |
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(192 |
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232 |
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(642 |
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| Other expenses, net |
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8 |
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19 |
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| 29 |
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57 |
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| (LOSS) INCOME BEFORE INCOME TAXES |
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(94 |
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(211 |
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203 |
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(699 |
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| Income tax (benefit) expense |
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(30 |
) |
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(83 |
) |
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97 |
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(290 |
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| NET (LOSS) INCOME |
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$ |
(64 |
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$ |
(128 |
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$ |
106 |
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$ |
(409 |
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| Weighted average common shares outstanding: |
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Basic |
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3,019 |
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2,981 |
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3,018 |
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2,974 |
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Diluted |
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3,019 |
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2,981 |
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3,111 |
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2,974 |
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| NET (LOSS) INCOME PER SHARE: |
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Basic |
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$ |
(0.02 |
) |
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$ |
(0.04 |
) |
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$ |
0.04 |
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$ |
(0.14 |
) |
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Diluted |
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$ |
(0.02 |
) |
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$ |
(0.04 |
) |
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$ |
0.03 |
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$ |
(0.14 |
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(Unaudited) |
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| (In thousands) |
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As of
September 30, 2012 |
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As of
December 31, 2011 |
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| Cash, cash equivalents and short-term investments |
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$ |
4,820 |
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$ |
4,960 |
| Total assets |
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10,971 |
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10,991 |
| Net working capital |
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6,719 |
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6,516 |
| Stockholders' equity |
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$ |
9,199 |
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$ |
9,020 |
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About ImmuCell:
ImmuCell Corporation's (NASDAQ: ICCC) purpose is to create scientifically-proven and practical products that result in a measurable economic impact on animal health and productivity in the dairy and beef industries. Press releases and other information about the Company are available at our web-site, (http://www.immucell.com).