PORTLAND, ME--(Marketwire - February 10, 2010) - ImmuCell Corporation (
NASDAQ:
ICCC) today
announced the results of its operations for the quarter and year ended
December 31, 2009.
For the three-month period ended December 31, 2009, product sales decreased
by 17%, or $213,000, to $1,034,000 in comparison to the same period in
2008. For the year ended December 31, 2009, product sales decreased by 3%,
or $122,000, to $4,506,000 in comparison to 2008.
"I resist the temptation to blame everything negative on the condition of
the global economy that may be in the early stages of a recovery. However,
a product sales decrease of only 2.6% in 2009 is pretty good news for us,
given that our customers had to manage through a 35% reduction in the
average milk price during 2009, in comparison to the average price of 2007
and 2008," commented Michael F. Brigham, President and CEO. "We announced
a significant milestone for ImmuCell on September 30, 2009 with positive
results from the pivotal effectiveness study of Mast Out®."
Product development expenses decreased by 22%, or $111,000, to $395,000
during the three-month period ended December 31, 2009 in comparison to the
same period in 2008. Product development expenses decreased by 6%, or
$101,000, to $1,645,000 during the year ended December 31, 2009 in
comparison to 2008. Product development expenses amounted to 37% and 38%
of product sales during the years ended December 31, 2009 and 2008,
respectively.
The loss before income taxes was $(89,000) during the three-month period
ended December 31, 2009 in comparison to a loss before income taxes of
$(251,000) during the same period in 2008. The net loss was $(15,000), or
$(0.01) per share, during the three-month period ended December 31, 2009 in
comparison to a net loss of $(40,000), or $(0.01) per share, during the
same period in 2008.
The loss before income taxes was $(428,000) during the year ended December
31, 2009 in comparison to a loss before income taxes of $(961,000) during
2008. The net loss was $(216,000), or $(0.07) per share, during the year
ended December 31, 2009 in comparison to a net loss of $(469,000), or
$(0.16) per share, during 2008.
"After nine consecutive years of profitability, our losses before income
taxes in 2008 and 2009 reflect our strategic decision to make a significant
and controlled investment in the development of Mast Out®," added Mr.
Brigham.
Cash, cash equivalents and short-term investments decreased by 9%, or
$469,000, to $4,585,000 at December 31, 2009 as compared to $5,054,000 at
December 31, 2008. Stockholders' equity decreased by less than 1%, or
$22,000, to $9,622,000 at December 31, 2009 as compared to $9,644,000 at
December 31, 2008. The Company had 2,971,000 shares of common stock
outstanding as of December 31, 2009.
(Unaudited)
Three Months Ended Twelve Months Ended
December 31, December 31,
(In thousands, except per share ------------------ ------------------
amounts) 2009 2008 2009 2008
-------- -------- -------- --------
Revenues:
Product Sales $ 1,034 $ 1,247 $ 4,506 $ 4,628
Other Revenues -- 1 3 5
-------- -------- -------- --------
Total Revenues 1,034 1,248 4,509 4,633
Cost and expenses:
Product costs 443 677 2,108 2,559
Product development expenses 395 506 1,645 1,746
Selling, general and administrative
expenses 296 357 1,283 1,496
-------- -------- -------- --------
Total costs and expenses 1,134 1,540 5,036 5,801
-------- -------- -------- --------
Net operating loss (100) (292) (527) (1,168)
Interest and other income 11 41 99 207
-------- -------- -------- --------
Loss before income taxes (89) (251) (428) (961)
Income tax benefit 74 211 212 492
-------- -------- -------- --------
Net loss $ (15) $ (40) $ (216) $ (469)
======== ======== ======== ========
Net loss per common share:
Basic $ (0.01) $ (0.01) $ (0.07) $ (0.16)
Diluted $ (0.01) $ (0.01) $ (0.07) $ (0.16)
======== ======== ======== ========
Weighted average common shares
outstanding:
Basic 2,971 2,895 2,959 2,894
Diluted 2,971 2,895 2,959 2,894
At December 31, At December 31,
(In thousands) 2009 2008
-------------- --------------
Cash, cash equivalents and short-term
investments $ 4,585 $ 5,054
Total assets 9,985 10,128
Net working capital 5,944 6,245
Stockholders' equity $ 9,622 $ 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 our revised web-site
(
http://www.immucell.com) that was launched on January 28, 2010.
Contact Information: Contact:
Michael F. Brigham
President and Chief Executive Officer
(207) 878-2770 Ext. 3106