ImmuCell Announces Third Consecutive Profitable Year - Product Sales Increase 17%.Business/Technology Editors & Health/Medical Writers PORTLAND Portland, town, England Portland, town (1991 pop. 12,945), Dorset, S England. It is on the Isle of Portland, a small rocky peninsula. Portland stone has been used in St. Paul's Cathedral and other important London buildings. Lobsters and crabs are harvested. , Maine--(BW HealthWire)--Feb. 11, 2002 ImmuCell Corporation (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : ICCC ICCC International Council for Caring Communities ICCC International Council for Computer Communication ICCC International Computer Communications Conference ICCC International Carpathian Control Conference ICCC International Conference on Computer Communications ) today announced the results of its operations for the quarter and year ended December December: see month. 31, 2001. During the three month period ended December 31, 2001, total revenues increased by $371,000 (23%) to $1,964,000 compared to the same period in 2000, while product sales increased by $330,000 (21%) to $1,882,000. Research and development expenses decreased by $17,000 (8%) to $192,000, comprising 10% of total revenues, during the three month period ended December 31, 2001. The net operating profit Operating profit (or loss) Revenue from a firm's regular activities less costs and expenses and before income deductions. operating profit See operating income. before taxes increased by $211,000 (106%) to $409,000 compared to a net operating profit before taxes of $198,000 for the three month period ended December 31, 2000. During the twelve month period ended December 31, 2001, total revenues increased by $1,041,000 (18%) to $6,677,000 compared to the same period in 2000, while product sales increased by $910,000 (17%) to $6,395,000. Research and development expenses decreased by $73,000 (8%) to $849,000, comprising 13% of total revenues, during the year ended December 31, 2001. The net operating profit before taxes increased by $221,000 (46%) to $697,000 compared to a net operating profit before taxes of $476,000 for the year ended December 31, 2000. "The growth in product sales and in the net profit before taxes underscores the value to our shareholders of the strategic shift initiated in 1999 to focus on products that improve animal health and productivity in the dairy and beef industry," commented Michael Michael, archangel Michael (mī`kəl) [Heb.,=who is like God?], archangel prominent in Christian, Jewish, and Muslim traditions. In the Bible and early Jewish literature, Michael is one of the angels of God's presence. F. Brigham, president and chief executive officer. "It is difficult to compare the 2001 after tax earnings to the prior year because of the non-recurring and significant tax benefit recorded in 2000 related to valuation allowances established for certain net operating loss carryforwards Net operating loss carryforwards Application of losses to offset earnings in future years. ." The Company's cash and cash equivalents decreased by $12,000 to $1,883,000 at December 31, 2001 as compared to $1,895,000 at December 31, 2000. During 2001, the Company invested approximately $895,000 principally in its manufacturing facility and new production equipment. Stockholders' equity Stockholders' Equity The portion of the balance sheet that includes capital received from investors in exchange for stock (paid-in capital), donated capital, and retained earnings. This is equal to total assets minus liabilities, preferred stock and intangible assets. increased by $507,000 (9%) to $6,046,000 at December 31, 2001 as compared to $5,539,000 at December 31, 2000.
IMMUCELL CORPORATION
RESULTS OF OPERATIONS
(Unaudited)
Three Months Twelve Months
Ended Ended
EARNINGS December 31, December 31,
(In thousands, except per share amounts) 2000 2001 2000 2001
Total Revenues $1,592 $1,964 $5,636 $6,677
Product Sales 1,552 1,882 5,485 6,395
Research and Development Expenses 210 192 922 849
Net Profit Before Taxes 198 409 476 697
Net Profit After Taxes $1,944 $255 $2,222 $420
Net Profit After Taxes per Common Share:
Basic $0.73 $0.09 $0.84 $0.15
Diluted $0.70 $0.09 $0.79 $0.15
Weighted Average Common
Shares Outstanding During Period:
Basic 2,665 2,725 2,632 2,718
Diluted 2,767 2,926 2,823 2,836
Net Cash Provided by Operating Activities $205 $610 $82 $906
BALANCE SHEET HIGHLIGHTS
(In thousands) December 31, December 31,
2000 2001
Cash and Cash Equivalents $1,895 $1,883
Total Assets 6,444 7,117
Net Working Capital 2,894 2,943
Long Term Bank Debt 414 392
Stockholders' Equity $5,539 $6,046
ImmuCell Corporation is a biotechnology company dedicated to benefiting its employees and shareholders through innovative and proprietary products that improve animal health and productivity in the dairy and beef industry. In addition to operating a growing and profitable animal health business, the Company has obtained U.K. regulatory approval to sell Crypto-Scan(R), a product that is used in the detection of Cryptosporidium cryptosporidium (krĭp'tōspərĭd`ēəm), genus of protozoans having at least four species; they are waterborne parasites that cause the disease cryptosporidiosis. in drinking water drinking water supply of water available to animals for drinking supplied via nipples, in troughs, dams, ponds and larger natural water sources; an insufficient supply leads to dehydration; it can be the source of infection, e.g. leptospirosis, salmonellosis, or of poisoning, e.g. . Further, the Company has demonstrated preliminary efficacy in an open label, Phase I/II efficacy study of DiffGAM, an alternative to antibiotics Antibiotics Definition Antibiotics may be informally defined as the subgroup of anti-infectives that are derived from bacterial sources and are used to treat bacterial infections. in the treatment and/or prevention of Clostridium clostridium Any of the rod-shaped, usually gram-positive bacteria (see gram stain) that make up the genus Clostridium. They are found in soil, water, and the intestinal tracts of humans and other animals. Some species grow only in the complete absence of oxygen. difficile-associated diarrhea diarrhea (dīərē`ə), frequent discharge of watery feces from the intestines, sometimes containing blood and mucus. It can be caused by excessive indulgence in alcohol or other liquids or foods that prove irritating to the stomach or in humans. Certain nutritional rights to the DiffGAM technology have been licensed to a corporate partner. ImmuCell Corporation press releases and other information about the Company are available at its corporate web site at http://www.ImmuCell.com. |
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