PORTLAND, ME--(Marketwire - May 5, 2008) - ImmuCell Corporation (
NASDAQ:
ICCC) today
announced the results of its operations for the three-month period ended
March 31, 2008.
For the three-month period ended March 31, 2008, product sales increased by
8%, or $122,000, to $1,631,000 in comparison to the same period in 2007.
"Sales of our lead product, First Defense®, increased by 8% during the
three-month period ended March 31, 2008," commented Michael F. Brigham,
President and CEO. "During the first quarter of 2008, we sold our
8,000,000th dose of First Defense®."
Product development expenses increased by 25%, or $66,000, during the
three-month period ended March 31, 2008 in comparison to the same period in
2007 principally reflecting the costs of funding the development of Mast
Out® internally.
The Company reported income before income taxes of $129,000 during the
three-month period ended March 31, 2008 in comparison to $508,000 during
the same period in 2007. Approximately 59%, or $224,000, of the $379,000
decrease in income before income taxes resulted from the expected decrease
in technology licensing revenue and increase in product development
expenses. Net income was $78,000 ($0.03 per diluted share) during the
three-month period ended March 31, 2008 in comparison to $297,000 ($0.10
per diluted share) during the same period in 2007.
Cash, cash equivalents and short-term investments increased by 8%, or
$455,000, to $5,867,000 at March 31, 2008 as compared to $5,412,000 at
December 31, 2007. Stockholders' equity increased by 1%, or $104,000, to
$10,161,000 at March 31, 2008 as compared to $10,057,000 at December 31,
2007. The Company had 2,892,000 shares of common stock outstanding as of
March 31, 2008.
(Unaudited)
Three Months Ended
March 31,
---------------------
(In thousands, except per share amounts) 2008 2007
---------- ----------
Revenues:
Product Sales $ 1,631 $ 1,509
Other Revenues 5 166
---------- ----------
Total Revenues 1,636 1,675
Cost and expenses:
Product costs 814 630
Product development expenses 332 266
Selling, general and administrative expenses 421 348
---------- ----------
Total costs and expenses 1,567 1,244
---------- ----------
Net operating income 69 431
Interest and other income 60 77
---------- ----------
Income before income taxes 129 508
Income tax expense 51 211
---------- ----------
Net income $ 78 $ 297
========== ==========
Net income per common share:
Basic $ 0.03 $ 0.10
Diluted $ 0.03 $ 0.10
Weighted average common shares outstanding:
Basic 2,892 2,897
Diluted 2,965 3,063
(Unaudited)
At March 31, At December 31,
(In thousands) 2008 2007
-------------- --------------
Cash, cash equivalents and short-term
investments $ 5,867 $ 5,412
Total assets 10,557 10,412
Net working capital 6,872 6,710
Stockholders' equity $ 10,161 $ 10,057
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.
Contact Information: Contact:
Michael F. Brigham
President and Chief Executive Officer
(207) 878-2770 Ext. 3106