ImmuCell Announces Full Year 2015 Financial Results
Q4 Sales up 22%; Full Year Sales up 35%; Q4 Diluted EPS: $0.09 vs. $0.04; Full Year Diluted EPS: $0.38 vs. $(0.06)
/EINPresswire.com/ -- PORTLAND, ME--(Marketwired - February 10, 2016) - ImmuCell Corporation (NASDAQ: ICCC), a growing animal health company that is developing, manufacturing and selling products that improve health and productivity in the dairy and beef industries, today announced financial results for its fourth quarter and year ended December 31, 2015.
2015 Fourth Quarter Financial Overview:
- Total sales increased 22% to $2.7 million compared to fourth quarter 2014;
- 14
th consecutive quarter of positive sales growth and 20th quarter of positive sales growth out of the last 21 quarters (in comparison to the same quarters of the prior years); and - Net income of $289,000, or $0.09 per diluted share, during fourth quarter 2015 compared to net income of $131,000, or $0.04 per diluted share, during fourth quarter 2014.
2015 Full Year Financial Overview:
- Total sales increased 35% to $10.2 million compared to 2014;
-
First Defense
® sales increased 36%, or $2.5 million, compared to 2014; - Net income of $1.2 million, or $0.38 per diluted share, during 2015 in contrast to net loss of ($167,000), or ($0.06) per share, during 2014;
- Net cash provided by operating activities of $2.9 million during 2015 in comparison to $302,000 during 2014; and
- Cash, cash equivalents, short-term investments and long-term investments of $6.5 million as of December 31, 2015 compared to $3.8 million as of December 31, 2014.
Management's Discussion:
"We continue to execute on the two core components of our business strategy," commented Michael F. Brigham, president and chief executive officer. "First, we are expanding the market penetration of First Defense
Other Financial Results for 2015:
Total product sales during the three-month period ended December 31, 2015 increased by 22%, or $489,000, to $2.7 million from $2.2 million during the same period in 2014. Total product sales during the year ended December 31, 2015 increased by 35%, or $2.6 million, to $10.2 million from $7.6 million during the same period in 2014.
Sales of First Defense
Product development expenses decreased by 28%, or $132,000, to $331,000 during the fourth quarter of 2015, as compared to $463,000 during the same period in 2014, aggregating 12% and 21% of product sales during the fourth quarters of 2015 and 2014, respectively. Product development expenses decreased by 43%, or $944,000, to $1.2 million during the year ended December 31, 2015, as compared to $2.2 million during the same period in 2014, aggregating 12% and 29% of product sales during 2015 and 2014, respectively. The higher expenses during the full year of 2014 were largely the result of expenses incurred in connection with the Company's small-scale Nisin production plant investment.
Income before income taxes was approximately $430,000 during the fourth quarter of 2015 in comparison to income before income taxes of $188,000 during the same period in 2014. Net income was $289,000, or $0.09 per diluted share, during the fourth quarter of 2015 in comparison to net income of $131,000, or $0.04 per diluted share, during the same period in 2014.
Income before income taxes was approximately $2.1 million during the year ended December 31, 2015 in contrast to a loss before income taxes of ($255,000) during the same period in 2014. Net income was $1.2 million, or $0.38 per diluted share, during the year ended December 31, 2015 in contrast to net loss of ($167,000), or ($0.06) per share, during the same period in 2014.
Financing Milestones:
- A commitment letter with TDBank N.A. covering a $4.3 million credit facility (which is subject to customary closing conditions) was signed on January 19, 2016; and
- Gross proceeds from an underwritten public offering of 1,123,810 shares of common stock at a price to the public of $5.25 per share that closed on February 3, 2016 were $5.9 million; Net proceeds from the common stock issuance were $5.3 million, after deducting underwriting discounts and other expenses incurred in connection with the issuance.
"Our current cash, plus our cash flow from operations, together with the new capital raised provides a road map to complete the development of Mast Out
Conference Call
Interested parties can access the conference call by dialing (844) 855-9502 or (412) 317-5499 at 4:30 PM ET today. A live Internet webcast will be available at https://www.webcaster4.com/Webcast/Page/1214/13295.
A teleconference replay of the call will be available for three days at (877) 344-7529 or (412) 317-0088, confirmation #10080723. A webcast replay will be available for 90 days at the same internet address above.
About ImmuCell
ImmuCell Corporation's (NASDAQ: ICCC) purpose is to create scientifically-proven and practical products that improve animal health and productivity in the dairy and beef industries. ImmuCell has developed products that provide significant, immediate immunity to newborn dairy and beef livestock. The Company has also developed products that address mastitis, the most significant cause of economic loss to the dairy industry. Press releases and other information about the Company are available at: (http://www.immucell.com).
Condensed Statements of Operations For the Three-Month Periods Ended For the Years December 31, Ended December 31, --------------------- -------------------- (In thousands, except per share amounts) 2015 2014 2015 2014 ---------- ---------- ---------- --------- Product sales $ 2,694 $ 2,205 $ 10,229 $ 7,597 Cost of goods sold 1,037 862 3,978 3,148 ---------- ---------- ---------- --------- Gross margin 1,657 1,343 6,251 4,449 Sales, marketing and administrative expenses 865 681 2,894 2,476 Product development expenses 331 463 1,235 2,179 ---------- ---------- ---------- --------- Operating expenses 1,196 1,144 4,129 4,655 ---------- ---------- ---------- --------- NET OPERATING INCOME (LOSS) 461 199 2,122 (206) Other expenses, net 31 10 59 49 ---------- ---------- ---------- --------- INCOME (LOSS) BEFORE INCOME TAXES 430 189 2,063 (255) Income tax expense (benefit) 141 58 850 (88) ---------- ---------- ---------- --------- NET INCOME (LOSS) $ 289 $ 131 $ 1,213 ($167) ========== ========== ========== ========= Weighted average common shares outstanding: Basic 3,055 3,027 3,042 3,027 Diluted 3,175 3,109 3,166 3,027 NET INCOME (LOSS) PER SHARE: Basic $ 0.09 $ 0.04 $ 0.40 ($0.06) Diluted $ 0.09 $ 0.04 $ 0.38 ($0.06)
Selected Balance Sheet Data As of As of December 31, December 31, 2015 2014 ------------- ------------- (In thousands) Cash, cash equivalents, short-term and long-term investments $ 6,524 $ 3,835 Net working capital 7,056 4,460 Total assets 14,601 11,052 Stockholders' equity $ 10,614 $ 9,258
Safe Harbor Statement:
This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such statements include, but are not limited to, any statements relating to: projections of future financial performance; the scope and timing of future product development work and commercialization of our products; future costs of product development efforts; the estimated prevalence rate of subclinical mastitis; future market share of and revenue generated by products still in development; future sources of financial support for our product development, manufacturing and marketing efforts; the future adequacy of our own manufacturing facilities or those of third parties with which we have contractual relationships to meet demand for our products on a timely basis; the amount and timing of future investments in facility modifications and production equipment; the future adequacy of our working capital and the availability of third party financing; timing and future costs of a facility to produce the Drug Substance (active pharmaceutical ingredient) for
Mast Out
Contact:
Michael F. Brigham
President and CEO
ImmuCell Corporation
(207) 878-2770
Joe Diaz, Robert Blum and Joe Dorame
Lytham Partners, LLC
(602) 889-9700
Email contact