PORTLAND, ME--(Marketwire - November 4, 2009) - ImmuCell Corporation (NASDAQ: ICCC) today
announced the results of its operations for the quarter and nine months
ended September 30, 2009.
For the three-month period ended September 30, 2009, product sales
increased by 9%, or $87,000, to $1,011,000 in comparison to the same period
in 2008. For the nine-month period ended September 30, 2009, product sales
increased by 3%, or $91,000, to $3,472,000 in comparison to the same period
in 2008.
"During the third quarter, we reached a major milestone with the positive
results from the pivotal effectiveness study of Mast Out®, while
maintaining reasonable sales of First Defense® in this difficult dairy
economy with very low milk prices," commented Michael F. Brigham, President
and CEO. "We are very pleased with these significant accomplishments and
positive results."
Product development expenses decreased by 32%, or $157,000, to $328,000
during the three-month period ended September 30, 2009 in comparison to the
same period in 2008. Product development expenses increased by less than
1%, or $9,000, to $1,250,000 during the nine-month period ended September
30, 2009 in comparison to the same period in 2008.
The loss before income taxes was $(20,000) during the three-month period
ended September 30, 2009 in comparison to a loss before income taxes of
$(500,000) during the same period in 2008. The net loss was $(19,000), or
$(0.01) per share, during the three-month period ended September 30, 2009
in comparison to a net loss of $(268,000), or $(0.09) per share, during the
same period in 2008.
The loss before income taxes was $(339,000) during the nine-month period
ended September 30, 2009 in comparison to a loss before income taxes of
$(710,000) during the same period in 2008. The net loss was $(201,000), or
$(0.07) per share, during the nine-month period ended September 30, 2009 in
comparison to a net loss of $(429,000), or $(0.15) per share, during the
same period in 2008.
"Our product development spending and our loss before income taxes largely
reflect our strategic decision to make a significant and controlled
investment in Mast Out®," added Mr. Brigham. "On September 30, 2009, we
announced the results of the pivotal effectiveness study in approximately
300 qualified cows with subclinical mastitis that was conducted at sixteen
sites across the United States. The Mast Out® treatment group showed a
statistically highly significant (p < 0.0001) overall cure rate in
comparison to the placebo group."
Cash, cash equivalents and short-term investments decreased by 2%, or
$110,000, to $4,944,000 at September 30, 2009 as compared to $5,054,000 at
December 31, 2008. Stockholders' equity decreased by less than 1%, or
$25,000, to $9,619,000 at September 30, 2009 as compared to $9,644,000 at
December 31, 2008. The Company had 2,971,000 shares of common stock
outstanding as of September 30, 2009.
(Unaudited) (Unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
-------------------- --------------------
(In thousands, except per share
amounts) 2009 2008 2009 2008
--------- --------- --------- ---------
Revenues:
Product Sales $ 1,011 $ 924 $ 3,472 $ 3,381
Other Revenues 1 -- 3 5
--------- --------- --------- ---------
Total Revenues 1,012 924 3,475 3,386
Cost and expenses:
Product costs 412 621 1,665 1,882
Product development expenses 328 485 1,250 1,241
Selling, general and
administrative expenses 311 368 987 1,139
--------- --------- --------- ---------
Total costs and expenses 1,051 1,474 3,902 4,262
--------- --------- --------- ---------
Net operating loss (39) (550) (427) (876)
Interest and other income 19 50 88 166
--------- --------- --------- ---------
Loss before income taxes (20) (500) (339) (710)
Income tax benefit (1) (232) (138) (281)
--------- --------- --------- ---------
Net loss $ (19) $ (268) $ (201) $ (429)
========= ========= ========= =========
Net loss per common share:
Basic $ (0.01) $ (0.09) $ (0.07) $ (0.15)
Diluted $ (0.01) $ (0.09) $ (0.07) $ (0.15)
========= ========= ========= =========
Weighted average common shares
outstanding:
Basic 2,971 2,895 2,955 2,893
Diluted 2,971 2,895 2,955 2,893
(In thousands) At September 30, 2009 At December 31, 2008
--------------------- --------------------
Cash, cash equivalents and
short-term investments $ 4,944 $ 5,054
Total assets 9,894 10,128
Net working capital 6,094 6,245
Stockholders' equity $ 9,619 $ 9,644
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