Immucell, Inc. (ICCC)

[surf1944]

ImmuCell Announces Financial Results for the First Half of 2008
Monday August 4, 8:30 am ET


PORTLAND, ME--(MARKET WIRE)--Aug 4, 2008 -- ImmuCell Corporation (ICCC - News) today announced the results of its operations for the three and six month periods ended June 30, 2008.


For the three-month period ended June 30, 2008, product sales increased by 4%, or $35,000, to $826,000 in comparison to the same period in 2007. For the six-month period ended June 30, 2008, product sales increased by 7%, or $157,000, to $2,457,000 in comparison to the same period in 2007.

"In this very challenging economic environment, we are gratified that our customers have rewarded us with an 8% increase in sales our lead product, First Defense®, during the six-month period ended June 30, 2008," commented Michael F. Brigham, President and CEO. "First Defense® sales continue to be seasonal with lower sales expected during the second and third quarters."

Product development expenses increased by 44%, or $130,000, to $423,000 during the three-month period ended June 30, 2008 in comparison to the same period in 2007. Product development expenses increased by 35%, or $195,000, to $755,000 during the six-month period ended June 30, 2008 in comparison to the same period in 2007.

The net loss was $(238,000) (or $(0.08) per share) during the three-month period ended June 30, 2008 in comparison to a net loss of $(60,000) (or $(0.02) per share) during the same period in 2007. Technology licensing revenue decreased by $158,000 (100%) and product development expenses increased by $130,000 during the comparable periods.

The net loss was $(160,000) (or $(0.06) per share) during the six-month period ended June 30, 2008 in contrast to net income of $237,000 (or $0.08 per diluted share) during the same period in 2007. Technology licensing revenue decreased by $316,000 (100%) and product development expenses increased by $195,000 during the comparable periods.

"Our net loss reflects our strategic decision to make a significant and controlled investment in the development of Mast Out®, which entered into its pivotal effectiveness trial during the second quarter," commented Dr. Joseph H. Crabb, Vice President and Chief Scientific Officer.

Cash, cash equivalents and short-term investments increased by 5%, or $283,000, to $5,695,000 at June 30, 2008 as compared to $5,412,000 at December 31, 2007. Stockholders' equity decreased by 1%, or $106,000, to $9,951,000 at June 30, 2008 as compared to $10,057,000 at December 31, 2007. The Company had 2,895,000 shares of common stock outstanding as of June 30, 2008.



(Unaudited) (Unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
---------------- ----------------
(In thousands, except per share
amounts) 2008 2007 2008 2007
------- ------- ------- --------
Revenues:
Product Sales $ 826 $ 791 $ 2,457 $ 2,300
Other Revenues -- 168 5 335
------- ------- ------- --------
Total Revenues 826 959 2,462 2,635

Cost and expenses:
Product costs 447 511 1,261 1,141
Product development expenses 423 294 755 560
Selling, general and administrative
expenses 351 307 772 656
------- ------- ------- --------
Total costs and expenses 1,221 1,112 2,788 2,357
------- ------- ------- --------

Net operating (loss) income (395) (153) (326) 278

Interest and other income 56 70 116 146
------- ------- ------- --------

(Loss) income before income taxes (339) (83) (210) 424
Income tax (benefit) expense (101) (23) (50) 187
------- ------- ------- --------
Net (loss) income $ (238) $ (60) $ (160) $ 237
======= ======= ======= ========

Net (loss) income per common share:
Basic $ (0.08) $ (0.02) $ (0.06) $ 0.08
Diluted $ (0.08) $ (0.02) $ (0.06) $ 0.08
======= ======= ======= ========

Weighted average common shares
outstanding:
Basic 2,893 2,903 2,893 2,900
Diluted 2,893 2,903 2,893 3,066


(Unaudited)
At June 30, At December 31,
(In thousands) 2008 2007
--------------- ---------------
Cash, cash equivalents and short-term
investments $ 5,695 $ 5,412
Total assets 10,302 10,412
Net working capital 6,746 6,710
Stockholders' equity $ 9,951 $ 10,057

ImmuCell Corporation is a biotechnology company that is developing, manufacturing and selling products that improve animal health and productivity in the dairy and beef industries. Press releases and other information about the Company are available at http://www.immucell.com
http://biz.yahoo.com/iw/080804/0421359.html



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