ImmuCell Announces Third Quarter Results - Sales Increase 19% for Quarter and 15% Year-to-date.
PORTLAND, Maine--(BUSINESS WIRE)--Oct. 22, 2001
ImmuCell Corporation (NASDAQ NASDAQ
in full National Association of Securities Dealers Automated Quotations
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ICCC International Council for Computer Communication
ICCC International Computer Communications Conference
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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.
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.
b. (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.
n. 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 Period: Basic 2,725 2,665 2,715 2,621 Diluted 2,725 2,665 2,812 2,828 BALANCE SHEET HIGHLIGHTS (Unaudited) (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 http://www.ImmuCell.com.