Sales Recap:

PORTLAND, Maine – August 13, 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 second quarter ended June 30, 2015.

2015 Second Quarter Financial Overview:

  • Total sales increased 27% to $1.96 million during second quarter 2015, compared to second quarter 2014;
  • Sales of First Defense® increased 25% during second quarter 2015, compared to second quarter 2014;
  • Total sales increased 40% to $5.06 million during first six months of 2015, compared to first six months of 2014;
  • Sales of First Defense® increased 46% during first six months of 2015, compared to first six months of 2014;
  • 12th consecutive quarter of positive sales growth and 18th quarter of positive sales growth out of the last 19 quarters, compared to same period in the immediately preceding year;
  • Second quarter 2015 net income of $94,000, or $0.03 per diluted share, in contrast to net (loss) of ($295,000), or ($0.10) per share during second quarter 2014;
  • Net income of $573,000, or $0.18 per diluted share, during first six months of 2015, in contrast to net (loss) of ($308,000), or ($0.10) per share, during first six months of 2014;
  • EBITDA of $1.29 million during first six months of 2015, in contrast to ($215,000) during first six months of 2014;
  • Cash, cash equivalents and short-term investments balance of $3.91 million as of June 30, 2015;

Other Milestones/Developments:

  • Earlier in the third quarter of 2015, the USDA granted disease claims for the product being developed by the Company to prevent bovine rotavirus infections in newborn calves. This confirms the positive study results that were first announced in February 2015 and is a significant step forward in the Company’s effort to bring the first passive antibody product to market with disease claims against the three leading causes of calf scours, E. coli, coronavirus and rotavirus;
  • In order to benefit from additional pilot work being conducted in the Company’s small-scale Nisin plant (which will improve the quality of the regulatory submission addressing the manufacturing objectives for Mast Out®), the first submission of this Technical Section is now expected during the first half of 2016; and
  • Work on facility modifications and new equipment installations to increase production capacity to meet growing sales demand is underway and on schedule.

Other Financial Results for Second Quarter of 2015:

ImmuCell’s product sales are normally seasonal, with higher sales expected during the first quarter. Total product sales during the three-month period ended June 30, 2015 increased by 27%, or $421,000, to $1,960,000 from $1,540,000 during the same period in 2014. Total product sales during the six-month period ended June 30, 2015 increased by 40%, or $1,440,000, to $5,062,000 from $3,621,000 during the same period in 2014. The Company held a backlog of orders aggregating approximately $1,452,000 as of June 30, 2015.

Sales of First Defense® and related product line extensions increased by 46% during the first half of 2015, in comparison to the same period in 2014. ImmuCell’s sales and marketing team is doing an 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. Sales also benefited from a strong beef price and from the interrupted supply to the market of a competitive product. This new level of sales demand has exceeded the Company’s current production capacity and available inventory, resulting in a backlog of First Defense® orders aggregating approximately $1,441,000 as of June 30, 2015. The necessary investments to increase production capacity to meet the growing sales demand for these products are underway and on schedule.

Product development expenses decreased by 64%, or $489,000, to $272,000 during the second quarter of 2015, as compared to $761,000 during the same period in 2014.  Product development expenses aggregated 14% and 49% of product sales during the second quarters of 2015 and 2014, respectively. Product development expenses decreased by 56%, or $752,000, to $602,000 during the first six months of 2015, as compared to $1,355,000 during the same period in 2014.  Product development expenses aggregated 12% and 37% of product sales during the first six months of 2015 and 2014, respectively. The higher expenses during the 2014 periods were largely the result of expenses incurred in connection with the Company’s small-scale Nisin production plant investment.

Income before income taxes was approximately $207,000 during the second quarter of 2015, in contrast to a (loss) before income taxes of ($475,000) during the same period in 2014. Net income was $94,000, or $0.03 per diluted share, during the second quarter of 2015, is in contrast to net (loss) of ($295,000), or ($0.10) per share, during the same period in 2014.

Income before income taxes was approximately $1,022,000 during the first six months of 2015, in contrast to a (loss) before income taxes of ($473,000) during the same period in 2014. Net income of $573,000, or $0.18 per diluted share, during the first six months of 2015, is in contrast to net (loss) of ($308,000), or ($0.10) per share, during the same period in 2014.

Press Release 8-13-2015 Full Detail

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