Sales Recap:

PORTLAND, Maine – August 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 second quarter ended June 30, 2014.

Second Quarter Overview:

  • Company reports second quarter product sales of $1.54 million, an increase of 13% compared to the same period a year ago;
  • Eighth (8th) consecutive quarter  of sales growth and fourteenth (14th) quarter of sales growth out of the last fifteen (15) quarters (versus same quarters of prior years);
  • Company reports sales of $3.62 million for the first six months of 2014, an increase of 13% compared to the same period a year  ago;
  • Cash, cash equivalents, short-term and  long-term investments balance at June 30, 2014 was $5.18 million;
  • Investment in facility modifications and processing equipment necessary to produce pharmaceutical-grade Nisin for the  Mast Out® regulatory submission and to verify production costs substantially completed;
  • Approximately $913,000 in product development expenses      incurred during the first six months of 2014 related to this Nisin plant investment;
  • Validation and optimization of new production facility and equipment to manufacture pharmaceutical-grade Nisin and complete regulatory submission initiated; and
  • Pivotal study of Company’s  product to prevent calf scours caused by rotavirus initiated.

Quarterly Results

For the second quarter ended June 30, 2014, ImmuCell reported an increase in total product sales of 13% to $1.54 million versus $1.37 million in the comparable period of the prior year. For the first six months of 2014, ImmuCell reported an increase in total product sales of 13% to $3.62 million versus $3.21 million in the comparable period of the prior year.  Sales increases were primarily driven by broadening market acceptance of the First Defense® product line for the prevention of calf scours.

Gross margin during the second quarter of 2014 was 57% of product sales, compared to 57% in the second quarter of last year. Gross margin during the first six months of 2014 was 56% of product sales, compared to 57% during the first six months of last year.  The Company expects margins to be maintained above 50% throughout 2014.

During the second quarter of 2014, the Company reported a net (loss) of ($295,000), or ($0.10) per share, in contrast to net income of $6,000, or less than $0.01 per diluted share, during the second quarter of 2013. During the first six months of 2014, the Company reported a net (loss) of ($308,000), or ($0.10) per share, in contrast to net income of $211,000, or $0.07 per diluted share, during the first six months of 2013.

Press Release 08-12-2014 Full Detail

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