PORTLAND, ME--(Marketwired - Aug 12, 2013) - ImmuCell Corporation (NASDAQ: ICCC) today announced the results of its operations for the three-month and six-month periods ended June 30, 2013.
During the three-month period ended June 30, 2013, product sales increased by 16%, or $191,000, to $1,366,000 in comparison to $1,175,000 during the same period in 2012. During the six-month period ended June 30, 2013, product sales increased by 11%, or $321,000, to $3,213,000 in comparison to $2,892,000 during the same period in 2012. During the twelve-month period ended June 30, 2013, product sales increased by 10%, or $511,000, to $5,711,000 in comparison to $5,200,000 during the same period ended in 2012.
Net operating income was $24,000 during the three-month period ended June 30, 2013, in comparison to net operating income of $37,000 during the same period in 2012. Net income was $6,000, or less than $0.01 per share, during the three-month period ended June 30, 2013, in comparison to net income of $15,000, or less than $0.01 per share, during the same period in 2012.
Net operating income was $350,000 during the six-month period ended June 30, 2013, in comparison to net operating income of $319,000 during the same period in 2012. Net income was $211,000, or $0.07 per share, during the six-month period ended June 30, 2013, in comparison to net income of $170,000, or $0.05 per share, during the same period in 2012.
"Our continued profitability and consistent growth in product sales allows us the flexibility needed to adjust our strategy in pursuit of FDA approval of Mast Out®," commented Michael F. Brigham, President and CEO.
Cash, cash equivalents and short-term investments increased by 16%, or $763,000, to $5,676,000 as of June 30, 2013, in comparison to $4,914,000 as of December 31, 2012. Stockholders' equity increased by 3%, or $251,000, to $9,446,000 as of June 30, 2013, in comparison to $9,195,000 as of December 31, 2012. The Company had 3,019,000 shares of common stock outstanding as of June 30, 2013.
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).
Contact:
Michael F. Brigham
President and CEO
(207) 878-2770 Ext. 3106
| (Unaudited) | (Unaudited) | |||||||||||||||
| (In thousands, except per share amounts) | 2013 | 2012 | 2013 | 2012 | ||||||||||||
| Product sales | $ | 1,366 | $ | 1,175 | $ | 3,213 | $ | 2,892 | ||||||||
| Costs of goods sold | 582 | 505 | 1,376 | 1,209 | ||||||||||||
| Gross margin | 784 | 670 | 1,837 | 1,683 | ||||||||||||
| Product development expenses | 272 | 212 | 538 | 460 | ||||||||||||
| Sales, marketing and administrative expenses | 488 | 421 | 949 | 904 | ||||||||||||
| Operating expenses | 760 | 633 | 1,487 | 1,364 | ||||||||||||
| NET OPERATING INCOME | 24 | 37 | 350 | 319 | ||||||||||||
| Other revenues (expenses), net | (14 | ) | (10 | ) | 31 | (21 | ) | |||||||||
| INCOME BEFORE INCOME TAXES | 10 | 27 | 381 | 298 | ||||||||||||
| Income tax expense | 4 | 12 | 170 | 128 | ||||||||||||
| NET INCOME | $ | 6 | $ | 15 | $ | 211 | $ | 170 | ||||||||
| Weighted average common shares outstanding: | ||||||||||||||||
| Basic | 3,019 | 3,019 | 3,019 | 3,018 | ||||||||||||
| Diluted | 3,077 | 3,114 | 3,080 | 3,108 | ||||||||||||
| NET INCOME PER SHARE: | ||||||||||||||||
| Basic | $ | 0.00 | $ | 0.01 | $ | 0.07 | $ | 0.06 | ||||||||
| Diluted | $ | 0.00 | $ | 0.00 | $ | 0.07 | $ | 0.05 | ||||||||
| (Unaudited) | ||||||
| As of | As of | |||||
| (In thousands) | ||||||
| Cash, cash equivalents and short-term investments | $ | 5,676 | $ | 4,914 | ||
| Total assets | 11,375 | 11,030 | ||||
| Net working capital | 7,107 | 6,697 | ||||
| Stockholders' equity | $ | 9,446 | $ | 9,195 | ||