Sales Recap:

PORTLAND, Maine – November 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 third quarter ended September 30, 2015.

2015 Third Quarter Financial Overview:

  • Total sales increased 40% to $2.47 million compared to third quarter 2014;
  • 13th consecutive quarter of positive sales growth and 19th quarter of positive sales growth out of the last 20 quarters (in comparison to the same quarters of the prior years);
  • Total sales increased 40% to $7.53 million compared to first nine months of 2014;
  • First Defense® sales increased 43%, or $2.08 million, compared to first nine months of 2014;
  • Net income of $351,000, or $0.11 per diluted share, during third quarter 2015 compared to net income of $10,000, or $0.00 per diluted share, during third quarter 2014;
  • Net income of $924,000, or $0.29 per diluted share, during first nine months of 2015 in contrast to net (loss) of ($298,000), or ($0.10) per share, during first nine months of 2014;
  • Net cash provided by operating activities of $2.07 million during first nine months of 2015 in comparison to $50,000 during first nine months of 2014;
  • Net cash provided by operating activities of $2.32 million during the twelve-month period ended September 30, 2015 in comparison to $134,000 during the twelve-month period ended September 30, 2014; and
  • Cash, cash equivalents, short-term investments and long-term investments of $6.68 million as of September 30, 2015.

Other Milestones/Developments:

  • During the third quarter of 2015, the Company closed on a $2.5 million secured debt financing;
  • During the fourth quarter of 2015, the Company extended its contract with Plas-Pak, Inc. covering the supply of its proprietary syringe for Mast Out® through December 31, 2020;
  • Investment to increase liquid processing production capacity for First Defense® by 50% completed during fourth quarter 2015; and
  • Investment to increase freeze-drying production capacity for First Defense® by 100% proceeding on schedule and expected to be completed before the end of first quarter 2016.

Other Financial Results for Third 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 September 30, 2015 increased by 40%, or $702,000, to $2,472,000 from $1,770,000 during the same period in 2014.  Total product sales during the nine-month period ended September 30, 2015 increased by 40%, or $2,143,000, to $7,534,000 from $5,392,000 during the same period in 2014.  Total product sales during the trailing twelve months ended September 30, 2015 increased by 40%, or $2,789,000, to $9,740,000 from $6,951,000 during the same period in 2014.  The Company held a backlog of orders for First Defense® aggregating approximately $1,554,000 as of September 30, 2015.

Sales of First Defense® and related product line extensions increased by 43% during the first nine months 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 temporarily 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.

Product development expenses decreased by 16%, or $59,000, to $302,000 during the third quarter of 2015, as compared to $361,000 during the same period in 2014.  Product development expenses aggregated 12% and 20% of product sales during the third quarters of 2015 and 2014, respectively.  Product development expenses decreased by 47%, or $812,000, to $904,000 during the first nine months of 2015 as compared to $1,716,000 during the same period in 2014.  Product development expenses aggregated 12% and 32% of product sales during the first nine 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 $612,000 during the third quarter of 2015 in comparison to income before income taxes of $30,000 during the same period in 2014.  Net income was $351,000, or $0.11 per diluted share, during the third quarter of 2015 in comparison to net income of $10,000, or $0.00 per diluted share, during the same period in 2014.

Income before income taxes was approximately $1,634,000 during the first nine months of 2015 in contrast to a (loss) before income taxes of ($444,000) during the same period in 2014.  Net income was $924,000, or $0.29 per diluted share, during the first nine months of 2015 in contrast to net (loss) of ($298,000), or ($0.10) per share, during the same period in 2014.

Press Release 11-12-2015 Full Detail

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