Sales Recap:

PORTLAND, Maine – November 12, 2014 – ImmuCell Corporation (NasdaqCM: ICCC), a growing animal health company that is developing, manufacturing and selling products that improve animal health and productivity in the dairy and beef industries, today announced financial results for its third quarter ended September 30, 2014.

Third Quarter Overview:

  • Sales of $1.77 million during  the third quarter of 2014, an increase of 43% compared to the same quarter     a year ago;
  • Ninth (9th) consecutive quarter of positive sales growth and 15th quarter of positive sales growth out of the last 16 quarters, compared to  same periods in prior years;
  • Sales of $5.39 million during the first nine months of 2014, an increase of 21% compared to the same      period a year ago;
  • Cash, cash equivalents, short-term and long-term investments balance of $4.65 million at September 30, 2014;
  • Investment in facility modifications and processing equipment necessary to produce pharmaceutical-grade Nisin for the Mast Out® regulatory submission and to verify production costs completed;
  • Validation and optimization of new production facility  and equipment to manufacture Nisin and complete regulatory submission underway;
  • Pivotal study of Company’s First Defense® product to prevent calf scours caused by rotavirus on schedule for completion by year-end;
  • Sales of First Defense® surpass 14 million doses since market launch in 1991; and
  • Construction initiated on 7,200 square foot facility addition to expand and improve production capacity for First Defense®.

 Quarterly Results

For the third quarter ended September 30, 2014, product sales increased 43% to $1.77 million versus $1.23 million in the same period of the prior year. For the first nine months of 2014, product sales increased 21% to $5.39 million versus $4.45 million in the same period of the prior year.  Sales increases were primarily driven by increased market acceptance of First Defense® for the prevention of newborn calf scours. Sales of the First Defense® product line increased by 41% and 20% during the three-month and nine-month periods ended September 30, 2014, respectively, in comparison to the same periods ended September 30, 2013.

Gross margin during the third quarter of 2014 was 61% of product sales, compared to 50% in the third quarter of last year. Gross margin during the first nine months of 2014 was 58% of product sales, compared to 55% during the first nine months of last year.  The Company expects to maintain margins above 50%.

Sales and marketing expenses for the third quarter of 2014 were $374,000 compared to $258,000 during the same period last year. Sales and marketing expenses aggregated 21% of product sales during the third quarter in both 2014 and 2013. Sales and marketing expenses for the first nine months of 2014 were $922,000 compared to $726,000 during the same period last year. Sales and marketing expenses aggregated 17% and 16% of product sales during the first nine months of 2014 and 2013, respectively.  The annual target for these expenses is up to 20% of product sales.  This percentage may increase a few points over the current rate due to a planned increase in sales and marketing expenses during the second half of 2014, but it is expected to return to the target level below 20% in 2015 if the anticipated increase in sales of First Defense® is achieved.

Product development expenses increased by $70,000 to $361,000 during the three-month period ended September 30, 2014, as compared to $291,000 during the same period in 2013.  Approximately $57,000 of this increase was related to expenses incurred in connection with the installation of the Company’s pharmaceutical-grade Nisin production facility (which management considers non-recurring, infrequent and unusual expenses).  Product development expenses of $1,716,000 during the nine-month period ended September 30, 2014 were comprised of $970,000 in connection with the installation of the pharmaceutical-grade Nisin production facility and $746,000 in connection with other product development expenses.  In comparison, product development expenses were $829,000 during the same period in 2013.

If the Company had elected not to incur $970,000 in non-recurring, infrequent and unusual product development expenses (described above) during the first nine months of 2014, the Net Operating (Loss) of ($405,000) would been improved to Net Operating Income of $564,000.  This adjusted figure compares favorably to Net Operating Income of $191,000 during the first nine months of 2013.

Net Operating Income of $41,000 during the third quarter of 2014 included $104,000 of non-cash depreciation and amortization expenses. In comparison, Net Operating (Loss) of ($159,000) during the third quarter of 2013 included $98,000 of non-cash depreciation and amortization expenses.  Net Operating (Loss) of ($405,000) during the first nine months of 2014 included $333,000 of non-cash depreciation and amortization expenses. In comparison, Net Operating Income of $191,000 during the first nine months of 2013 was reduced by $295,000 of non-cash depreciation and amortization expenses.

As projected, after a large investment in product development expenses (described above) during the first half of 2014, the Company returned to profitability during the third quarter of 2014.  The Net Income was $10,000, or $0.00 per diluted share, during the third quarter of 2014, in comparison to Net Income of $57,000, or $0.02 per diluted share, during the third quarter of 2013.  The Net (Loss) was ($298,000), or ($0.10) per share, during the first nine months of 2014, in contrast to Net Income of $268,000, or $0.09 per diluted share, during the first nine months of 2013.

Press Release 11-12-2014 Full Detail

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