Cryo Cell International Inc (CCEL)

[locksflooring]

Cryo-Cell goes into the red as costs rise
Tampa Bay Business Journal
Date: Thursday, March 1, 2012, 6:48am EST

Cryo-Cell International Inc. is still feeling the financial pinch from a proxy fight for control of the company.
Cryo-Cell (OTCQB: CCEL), an Oldsmar stem cell preservation firm, reported a net loss of $2.1 million, or 18 cents a share, for the fiscal year ended Nov. 30, compared to net income of $3.5 million, or 29 cents a share, for the prior fiscal year, a written statement said.
Revenue for fiscal 2011 was $17.9 million, a slight increase from revenue of $17.7 million for fiscal 2010.
The bottom line doesn't tell the whole story, said David Portnoy, chairman and co-chief executive officer.
Portnoy led the dissident investment group that prevailed at the annual meeting last year.
The company's $957,000 in fees related to that meeting are among the extra one-time costs for fiscal 2011, the statement said. The company also set aside $950,000 to pay severance to Mercedes Walton, former chairman and chief executive, although it said in the statement that it doesn’t believe Walton has earned the right to the severance.
The results for fiscal 2011 are indicative of a company in the process of making organizational and operational improvements, Portnoy said.
Cryo-Cell is continuing to improve its IT systems and website, and has embarked on a major rebranding and marketing effort, said Mark Portnoy, co-CEO and David Portnoy’s brother.
Cryo-Cell also implemented a previously announced stock repurchase program and to date has bought back 415,117 shares.