PORTLAND, ME -- (MARKET WIRE) -- April 19, 2007 -- ImmuCell Corporation (
NASDAQ:
ICCC) today
announced the results of its operations for the three-month period ended
March 31, 2007.
For the three months ended March 31, 2007, product sales were $1,509,000,
representing an increase of $71,000, or 5%, in comparison to the same
period in 2006. Net income per diluted share was $0.10 during the
three-month periods ended March 31, 2007 and 2006. The Company recognized
net income of $297,000 during the three months ended March 31, 2007,
compared to net income of $306,000 during the same period in 2006.
"The product sales growth is attributable principally to an 8% increase in
sales of our lead product, First Defense®," commented Michael F. Brigham,
President and CEO. "We are nearing completion of an investment of
approximately $1,500,000 in Company-owned facility renovations and new
equipment. This project is an integral part of our goal to become cGMP
compliant across all products. We believe these increased standards will
bring added quality to our products and may open access to foreign markets
where cGMP is required."
Cash, cash equivalents and short-term investments decreased by 11%, or
$704,000, to $5,911,000 at March 31, 2007, as compared to $6,614,000 at
December 31, 2006. As of March 31, 2007, the Company had paid
approximately $950,000 for equipment and facility improvements related to
an effort to gain compliance with current Good Manufacturing Practices
(cGMP) regulations in its manufacturing operations. It is expected that
the remaining budget of approximately $550,000 will be spent as the work is
completed in the second quarter of 2007. Shareholders' equity increased by
4%, or $332,000, to $9,664,000 at March 31, 2007, as compared to $9,332,000
at December 31, 2006. The Company had 2,903,000 shares of common stock
outstanding as of March 31, 2007.
Forward-Looking Statement Disclaimer: This press release contains
"forward-looking statements" within the meaning of Section 27A of the
Securities Act of 1933 and Section 21E of the Securities Exchange Act of
1934, including statements concerning possible future benefits of attaining
cGMP status and the future cost and timing of investments to attain cGMP
status. These matters involve various risks and uncertainties, including
regulatory risks associated with obtaining cGMP compliance and market risks
associated with selling relevant ImmuCell products in domestic and foreign
markets. Future Company performance is subject to various risk factors
discussed in more detail in the Company's latest Annual Report on Form
10-KSB.
(Unaudited)
Three Months
Ended March 31,
-----------------------
(In thousands, except per share amounts) 2006 2007
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Revenues:
Product sales $ 1,438 $ 1,509
Other revenues 106 166
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Total revenues 1,544 1,675
Cost and expenses:
Product costs 509 630
Product development expenses 235 266
Selling, general and administrative expenses 343 348
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Total costs and expenses 1,087 1,244
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Net operating income 457 431
Interest and other income 52 77
----------- -----------
Income before income taxes 509 508
Income tax expense 203 211
----------- -----------
Net income $ 306 $ 297
=========== ===========
Net income per common share:
Basic $ 0.11 $ 0.10
Diluted $ 0.10 $ 0.10
Weighted average common shares outstanding:
Basic 2,852 2,897
Diluted 3,058 3,063
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At December At March
(In thousands) 31, 2006 31, 2007
----------- -----------
Cash, cash equivalents and short-term investments $ 6,614 $ 5,911
Total assets 11,364 11,241
Net working capital 6,934 6,545
Stockholders equity $ 9,332 $ 9,664
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