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ImmuCell Announces Third Quarter Results - Sales Increase 19% for Quarter and 15% Year-to-date.

Business/Technology Editors

PORTLAND, Maine--(BUSINESS WIRE)--Oct. 22, 2001

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 three and nine month periods ended September 30, 2001.

During the three month period ended September 30, 2001, total revenues increased by $250,000 (22%) to $1,388,000 compared to the same period in 2000, while product sales increased by $203,000 (19%) to $1,275,000. Research and development expenses increased by 4% to $240,000, comprising 17% of total revenues, during the three month period ended September 30, 2001. The net operating loss operating loss

The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income.
 before taxes of $80,000 compares to a net operating loss before taxes of $13,000 for the three month period ended September 30, 2000.

During the nine month period ended September 30, 2001, total revenues increased by $670,000 (17%) to $4,713,000 compared to the same period in 2000, while product sales increased by $580,000 (15%) to $4,513,000. Research and development expenses decreased by 8% to $657,000, comprising 14% of total revenues, during the nine month period ended September 30, 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 of $288,000 compares to the net operating profit before taxes of $278,000 for the nine month period ended September 30, 2000.

"While maintaining annual profitability, a lot of things can impact our quarterly earnings. Growing product sales is our primary objective at this stage in the implementation of our strategy initiated in 1999 to focus on the dairy and beef industry, " commented Michael F. Brigham, president and chief executive officer. "Our expanded facility is now in place to help us reduce the backlog of First Defense(R) orders in the fourth quarter, which backlog amounted to approximately $1,100,000 as of September 30, 2001."

The Company's cash and cash equivalents decreased by $525,000 to $1,370,000 at September 30, 2001 as compared to $1,895,000 at December 31, 2000. During the nine months ending September 30, 2001, the Company invested approximately $503,000 principally to complete the addition of 5,300 square feet to its manufacturing facility and approximately $311,000 principally to complete the acquisition of new production equipment. This new space and equipment will allow for increased production of First Defense and the in-house production of WIPE OUT wipe  
tr.v. wiped, wip·ing, wipes
a. To subject to light rubbing or friction, as with a cloth or paper, in order to clean or dry.

(R) Dairy Wipes.

Mr. Brigham noted that the Company had recently received heightened press and media coverage about the potential for the environmental and skin sanitization sanitization /san·i·ti·za·tion/ (-ti-za´shun) the process of making or the quality of being made sanitary.

 applications of its WIPE OUT(R) Dairy Wipes product. Nisin nisin

an antibiotic substance isolated from cultures of lactic acid producing streptococci and reputed to have antibacterial activity against gram-positive bacteria.
, the active ingredient An active ingredient, also active pharmaceutical ingredient (or API), is the substance in a drug that is pharmaceutically active. Some medications may contain more than one active ingredient.  in this product, is known to have broad spectrum anti-bacterial properties.

                         IMMUCELL CORPORATION
                         RESULTS OF OPERATIONS

                                (Unaudited)          (Unaudited)
                             Three Months Ended    Nine Months Ended
EARNINGS                        September 30,        September 30,
(In thousands, except
 per share amounts)           2001       2000       2001      2000

Total Revenues              $ 1,388    $ 1,138    $ 4,713   $ 4,043
Product Sales                 1,275      1,072      4,513     3,933
Research and Development
 Expenses                       240        231        657       713
Net (Loss) Profit
 Before Taxes                   (80)       (13)       288       278
Net (Loss) Profit
 After Taxes                $   (57)   $   (13)   $   165   $   278
Net (Loss) Profit After
 Taxes per Common Share:
   Basic                    $ (0.02)   $ (0.01)   $  0.06   $  0.11
   Diluted                  $ (0.02)   $ (0.01)   $  0.06   $  0.10
Weighted Average Common
Shares Outstanding During
   Basic                      2,725      2,665      2,715     2,621
   Diluted                    2,725      2,665      2,812     2,828

(In thousands)               September 30, 2001      December 31, 2000

Cash and Cash Equivalents        $ 1,370                $ 1,895
Total Assets                       6,881                  6,444
Net Working Capital                2,564                  2,894
Long Term Debt                       398                    414
Stockholders' Equity             $ 5,770                 $5,539

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
COPYRIGHT 2001 Business Wire
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Copyright 2001, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

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Date:Oct 22, 2001
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