PORTLAND, Maine – May 12, 2015 – ImmuCell Corporation (NASDAQ: 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 first quarter ended March 31, 2015.
2015 First Quarter Overview:
- Total sales increased 49% to $3.10 million during first quarter 2015, compared to first quarter 2014;
- Sales of First Defense® increased 62% to $2.98 million during first quarter 2015, compared to first quarter 2014;
- Eleventh (11th) consecutive quarter of positive sales growth and 17th quarter of positive sales growth out of the last 18 quarters, compared to same period in the immediately preceding year;
- During first quarter 2015, sales of First Defense® surpassed 15 million units since market launch in 1991;
- First quarter 2015 net income of $479,000, or $0.15 per diluted share, in contrast to net (loss) of ($13,000) during first quarter 2014;
- First quarter 2015 was most profitable quarter since first quarter 2003;
- Cash, cash equivalents and short-term investments balance of $4.21 million as of March 31, 2015;
- During first quarter 2015, construction of a 7,100 square foot facility addition was completed, expanding the size of the Company-owned facility to approximately 35,000 square feet and increasing production capacity for First Defense®;
- During first quarter 2015, we announced positive results from a pivotal effectiveness study to expand our First Defense Technology™ to cover rotavirus infections in newborn calves; and
- Mast Out® regulatory submission relating to manufacturing objectives anticipated during fourth quarter 2015.
2015 First Quarter Financial Results
We experienced a significant increase in sales of First Defense® during the quarter. Our sales and marketing team is doing a very effective job introducing First Defense® to new customers and communicating how the product provides Immediate Immunity™ to newborn calves generating a dependable return on investment to dairy and beef producers. Our sales also benefited from a strong beef price and from the interrupted supply to the market of a competitive product.
Sales of First Defense® and related product line extensions increased by 62% during the first quarter of 2015, in comparison to the same period in 2014. This new level of sales demand has exceeded our current production capacity and available inventory, resulting in a backlog of orders aggregating approximately $1.28 million as of March 31, 2015. If we could have shipped the $1.28 million backlog of orders before April 1, 2015, sales would have been increased further to approximately 114%, in comparison to $1.84 million in sales during the first quarter of 2014 plus a backlog of orders aggregating approximately $155,000 as of March 31, 2014. We are making the necessary investments to increase our production capacity to meet the growing sales demand for these products.
Product development expenses decreased by 44%, or $264,000, to $331,000 during the first quarter of 2015, as compared to $594,000 during the same period in 2014. Product development expenses aggregated 11% and 29% of product sales during the first quarters of 2015 and 2014, respectively. During the first quarter of 2014, product development expenses included approximately $412,000 in expenses pertaining to the investment in a small-scale Nisin production facility necessary to achieve regulatory approval of Mast Out®, as compared to just $11,000 in such related expenses during the first quarter of 2015.
We generated income before income taxes of approximately $815,000 during the first quarter of 2015, in comparison to income before income taxes of $1,000 during the same period in 2014. Our net income of $479,000, or $0.15 per diluted share, during the first quarter of 2015, is in contrast to net (loss) of ($13,000), or ($0.00) per share, during the same period in 2014. The first quarter of 2015 was our most profitable quarter since the first quarter of 2003.
Press Release 5-12-15 “ImmuCell Announces Results for First Quarter of 2015″ Full Detail
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- XBRL 12-31-2014
SEC Filings – Section 16
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