Cryo Cell International Inc (CCEL)

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Proxy fight impacts bottom line at Cryo-Cell
Tampa Bay Business Journal
Date: Wednesday, July 18, 2012, 11:49am EDT

Cryo-Cell International Inc. reported a net loss of $3.2 million, or 28 cents a share, for the three months ended May 31, compared to net income of $177,000, or 1 cent a share, in the same period a year ago.

Revenue for the quarter ended May 31, the second quarter of the company’s fiscal year, was $4.4 million, compared to $4.6 million a year ago, a statement said.

The drop in net income primarily was due to a $726,000 increase in stock option compensation and an increase in sales and marketing initiatives.

The increase in stock option compensation followed an unsuccessful proxy challenge. Employment agreements for David Portnoy and Mark Portnoy, co-CEOs, called for stock options to vest immediately if the company received a nomination solicitation notice.

Cryo-Cell (OTCQB: CCEL) is a stem cell preservation company in Oldsmar.