EX-99 2 immucellcorporation.htm IMMUCELL CORPORATION PRESS RELEASE

ImmuCell Announces Product Sales Growth and Other Financial Results for 2011

PORTLAND, ME -- (Marketwire - February 13, 2012) - ImmuCell Corporation (NASDAQ: ICCC) today announced the results of its operations for the three-month and twelve-month periods ended December 31, 2011.

During the three-month period ended December 31, 2011, product sales increased by 16%, or $181,000, to $1,305,000 in comparison to the same period in 2010. During the year ended December 31, 2011, product sales increased by 17%, or $725,000, to $5,111,000 in comparison to 2010.

"A 21% increase in sales of our lead product, First Defense®, during 2011 over 2010, demonstrates a solid return on our increased investment in sales and marketing," commented Michael F. Brigham, President and CEO. "The essentially breakeven results during the fourth quarter of 2011 are a good indication of our improving financial performance."

Mr. Brigham further commented, "This growth in our commercial business is important to us while we continue to actively seek a partner with whom to complete the development of Mast Out®."

The income before income taxes was $2,000 during the three-month period ended December 31, 2011, in contrast to a loss before income taxes of $(231,000) during the same period in 2010. The net loss was $(1,000), or $(0.00) per share during the three-month period ended December 31, 2011, in comparison to a net loss of $(128,000), or $(0.04) per share during the same period in 2010.

The loss before income taxes was $(697,000) during the year ended December 31, 2011, in comparison to a loss before income taxes of $(683,000) during 2010. The net loss was $(410,000), or $(0.14) per share during the year ended December 31, 2011, in comparison to a net loss of $(385,000), or $(0.13) per share during 2010.

Cash, cash equivalents and short-term investments increased by 7%, or $334,000, to $4,960,000 at December 31, 2011 as compared to $4,626,000 at December 31, 2010. Stockholders' equity decreased by 3%, or $262,000, to $9,020,000 at December 31, 2011 as compared to $9,282,000 at December 31, 2010. The Company had 3,004,000 shares of common stock outstanding as of December 31, 2011.



                                      (Unaudited)
                                  Three-Month Periods       Years Ended
                                  Ended December 31,       December 31,
                                 --------------------  --------------------
(In thousands, except per share
 amounts)                           2011       2010       2011       2010
                                 ---------  ---------  ---------  ---------

Product sales                    $   1,305  $   1,123  $   5,111  $   4,386
Costs of goods sold                    580        536      2,297      2,084
                                 ---------  ---------  ---------  ---------
   Gross margin                        725        587      2,814      2,302

Product development expenses           271        442      1,720      1,493
Sales, marketing and
 administrative expenses               445        365      1,727      1,499
                                 ---------  ---------  ---------  ---------
   Other operating expenses            716        807      3,447      2,992
                                 ---------  ---------  ---------  ---------

NET OPERATING INCOME (LOSS)              9       (220)      (633)      (690)

Other (expenses) revenues, net          (7)       (11)       (64)         7
                                 ---------  ---------  ---------  ---------

INCOME (LOSS) BEFORE INCOME
 TAXES                                   2       (231)      (697)      (683)

Income tax (expense) benefit            (3)       103        287        298
                                 ---------  ---------  ---------  ---------

NET INCOME (LOSS)                $      (1) $    (128) $    (410) $    (385)
                                 =========  =========  =========  =========

Weighted average common shares
 outstanding:
   Basic                             3,001      2,971      2,985      2,971
   Diluted                           3,001      2,971      2,985      2,971

NET INCOME (LOSS) PER SHARE:
   Basic                         $   (0.00) $   (0.04) $   (0.14) $   (0.13)
   Diluted                       $   (0.00) $   (0.04) $   (0.14) $   (0.13)



                                         At December 31,    At December 31,
(In thousands)                                 2011               2010
                                        -----------------  -----------------

Cash, cash equivalents and short-term
 investments                            $           4,960  $           4,626
Total assets                                       10,991             10,751
Net working capital                                 6,516              6,441
Stockholders' equity                    $           9,020  $           9,282

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
(207) 878-2770 Ext. 3106



The following information was filed by Immucell Corp (ICCC) on Monday, February 13, 2012 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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