EX-99 2 immucellcorporation.htm IMMUCELL CORPORATION PRESS RELEASE

ImmuCell Announces Financial Results for 2010

PORTLAND, ME -- (Marketwire - February 09, 2011) - ImmuCell Corporation (NASDAQ: ICCC) today announced the results of its operations for the quarter and year ended December 31, 2010.

For the three-month period ended December 31, 2010, product sales increased by 9%, or $89,000, to $1,123,000 in comparison to the same period in 2009. For the year ended December 31, 2010, product sales decreased by 3%, or $120,000, to $4,386,000 in comparison to 2009.

"A 13% increase in sales of First Defense® during the fourth quarter of 2010 over the fourth quarter of 2009 gives us some optimism that we may be turning the corner for the better in what has been a very difficult dairy economy since 2008," commented Michael F. Brigham, President and CEO. "We increased our investment in the sales and marketing of First Defense® during 2010, while we advance towards the completion of the development of Mast Out®."

The loss before income taxes was $231,000 during the three-month period ended December 31, 2010 in comparison to a loss before income taxes of $89,000 during the same period in 2009. The net loss was $128,000, or $0.04 per share, during the three-month period ended December 31, 2010 in comparison to a net loss of $15,000, or $0.01 per share, during 2009.

The loss before income taxes was $683,000 during the year ended December 31, 2010 in comparison to a loss before income taxes of $429,000 during the same period in 2009. The net loss was $385,000, or $0.13 per share, during the year ended December 31, 2010 in comparison to a net loss of $216,000, or $0.07 per share, during 2009.

"After nine consecutive years of profitability, our losses in 2008, 2009 and 2010 reflect our strategic decision to make a significant and controlled investment in the development of Mast Out®," added Mr. Brigham.

Cash, cash equivalents and short-term investments increased by 1%, or $41,000, to $4,626,000 at December 31, 2010 as compared to $4,585,000 at December 31, 2009. Stockholders' equity decreased by 4%, or $340,000, to $9,282,000 at December 31, 2010 as compared to $9,622,000 at December 31, 2009. The Company had 2,974,000 shares of common stock outstanding as of December 31, 2010.

                                          (Unaudited)
                                          Three Months     Twelve Months
                                             Ended             Ended
                                          December 31,      December 31,
                                        ----------------  -----------------
(In thousands, except per share amounts)  2010     2009     2010     2009
                                        -------  -------  -------- --------

Product sales                           $ 1,123  $ 1,034  $  4,386 $  4,506
Cost of goods sold                          536      443     2,084    2,108
                                        -------  -------  -------- --------
  Gross margin                              587      591     2,302    2,398

Product development expenses                442      395     1,493    1,645
Sales, marketing and administrative
 expenses                                   365      296     1,499    1,283
                                        -------  -------  -------- --------
  Other operating expenses                  807      691     2,992    2,928
                                        -------  -------  -------- --------

NET OPERATING LOSS                          220      100       690      530

Other (expenses) revenues, net              (11)      11         7      102
                                        -------  -------  -------- --------

LOSS BEFORE INCOME TAXES                    231       89       683      428

Income tax benefit                          103       74       298      212
                                        -------  -------  -------- --------

NET LOSS                                $   128  $    15  $    385 $    216
                                        =======  =======  ======== ========

Weighted average common shares
 outstanding:
  Basic                                   2,971     2,971    2,971    2,959
  Diluted                                 2,971     2,971    2,971    2,959

NET LOSS PER SHARE:
  Basic                                 $  0.04  $   0.01 $   0.13 $   0.07
  Diluted                               $  0.04  $   0.01 $   0.13 $   0.07


                                                  At December  At December
                                                    31, 2010     31, 2009
                                                  ------------ ------------

Cash, cash equivalents and short-term investments $      4,626 $      4,585
Total assets                                            10,751        9,985
Net working capital                                      6,441        5,944
Stockholders' equity                              $      9,282 $      9,622

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 Wednesday, February 9, 2011 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.

View differences made from one year to another to evaluate Immucell Corp's financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ)
Sample 10-K Year-over-Year (YoY) Comparison

Compare this 10-K Annual Report to its predecessor by reading our highlights to see what text and tables were  removed  ,   added    and   changed   by Immucell Corp.

Continue

Never Miss A New SEC Filing Again


Real-Time SEC Filing Notifications
Screenshot taken from Gmail for a new 10-K Annual Report
Last10K.com Member Feature

Receive an e-mail as soon as a company files an Annual Report, Quarterly Report or has new 8-K corporate news.

Continue

We Highlighted This SEC Filing For You


SEC Filing Sentiment Analysis - Bullish, Bearish, Neutral
Screenshot taken from Wynn's 2018 10-K Annual Report
Last10K.com Member Feature

Read positive and negative remarks made by management in their entirety without having to find them in a 10-K/Q.

Continue

Widen Your SEC Filing Reading Experience


Increased Reading Area for SEC Filings
Screenshot taken from Adobe Inc.'s 10-Q Quarterly Report
Last10K.com Member Feature

Remove data columns and navigations in order to see much more filing content and tables in one view

Continue

Uncover Actionable Information Inside SEC Filings


SEC Filing Disclosures
Screenshot taken from Lumber Liquidators 10-K Annual Report
Last10K.com Member Feature

Read both hidden opportunities and early signs of potential problems without having to find them in a 10-K/Q

Continue

FREE Adobe PDF, Microsoft Word and Excel Downloads


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshots of actual 10-K and 10-Q SEC Filings in PDF, Word and Excel formats
Last10K.com Member Feature

Export Annual and Quarterly Reports to Adobe PDF, Microsoft Word and Excel for offline viewing, annotations and analysis

Continue for FREE

Log in with your credentials

or    

Forgot your details?

Create Account