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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:ICCC) 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 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 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(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 applications of its WIPE OUT(R) Dairy Wipes product. Nisin, the 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 in drinking water. Further, the Company has demonstrated preliminary efficacy in an open label, Phase I/II efficacy study of DiffGAM, an alternative to antibiotics in the treatment and/or prevention of Clostridium difficile-associated diarrhea 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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Copyright 2001, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

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Publication:Business Wire
Date:Oct 22, 2001
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