Immucell, Inc. (ICCC)

[Drmicrocap]

ImmuCell Announces Increase in Product Sales and Continued Profitability
MarketwiredPress Release: ImmuCell Corporation – Tue, May 14, PORTLAND, ME--(Marketwired - May 14, 2013) - ImmuCell Corporation (NASDAQ: ICCC) today announced the results of its operations for the three-month period ended March 31, 2013.

During the three-month period ended March 31, 2013, product sales increased by 8%, or $130,000, to $1,847,000 in comparison to $1,717,000 during the same period in 2012.

Net operating income was $327,000 during the three-month period ended March 31, 2013, in comparison to net operating income of $281,000 during the same period in 2012. The net income was $204,000, or $0.07 per share, during the three-month period ended March 31, 2013, in comparison to net income of $155,000, or $0.05 per share, during the same period in 2012. The improved financial performance is largely due to increased gross margin from sales of First Defense®.

"In this extremely challenging dairy and beef economy with a record low milk-to-feed price ratio narrowing our customers' profit margins, our product sales increased by 8% and 5% during the three-month and twelve-month periods ended March 31, 2013, respectively," commented Michael F. Brigham, President and CEO. "This sales growth contributed to our continued profitability, while we are actively seeking a partner to help us complete the development and commercialization of Mast Out®."

Cash, cash equivalents and short-term investments increased by 8%, or $392,000, to $5,305,000 as of March 31, 2013, in comparison to $4,914,000 as of December 31, 2012. Stockholders' equity increased by 2%, or $219,000, to $9,413,000 as of March 31, 2013, in comparison to $9,195,000 as of December 31, 2012. The Company had 3,019,000 shares of common stock outstanding as of March 31, 2013.

About ImmuCell:
ImmuCell Corporation's (NASDAQ: ICCC) purpose is to create scientifically-proven and practical products that result in a measurable economic impact on animal health and productivity in the dairy and beef industries. Press releases and other information about the Company are available at our web-site, (http://www.immucell.com).

Contact:
Michael F. Brigham, President and Chief Executive Officer
[phone] Ext. 3106




(Unaudited)
For the Three-Month Periods Ended March 31,
(In thousands, except per share amounts) 2013 2012

Product sales $ 1,847 $ 1,717
Costs of goods sold 793 704
Gross margin 1,054 1,013

Product development expenses 267 248
Sales, marketing and administrative expenses 461 484
Other operating expenses 728 732

NET OPERATING INCOME 326 281

Other revenues (expenses), net 44 (10 )

INCOME BEFORE INCOME TAXES 370 271

Income tax expense 166 116

NET INCOME $ 204 $ 155

Weighted average common shares outstanding:
Basic 3,019 3,016
Diluted 3,084 3,103
NET INCOME PER SHARE:
Basic $ 0.07 $ 0.05
Diluted $ 0.07 $ 0.05




(Unaudited)
As of
March 31, 2013 As of
December 31, 2012
(In thousands)
Cash, cash equivalents and short-term investments $ 5,305 $ 4,914
Total assets 11,111 11,030
Net working capital 7,082 6,697
Stockholders' equity $ 9,413 $ 9,195


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Contact:.
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Michael F. Brigham
President and Chief Executive Officer
[phone] Ext. 3106