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1ST QTR: IMMUCELL SALES UP 13%, NET INCOME DROPS 93%.
Source: ImmuCell news release

To view the complete report, click here.

ImmuCell Corporation (NasdaqCM: ICCC), a growing animal health company that is developing, manufacturing and selling products that improve animal health and productivity in the dairy and beef industries, today announced financial results for its first quarter ended March 31, 2014.

For the first quarter ended March 31, 2014, ImmuCell reported a product sales increase of 13% to $2.08 million versus $1.85 million in the comparable period of the prior year. The Company has now achieved positive sales growth for seven consecutive quarters and for thirteen out of the last fourteen quarters. Sales during the quarter were primarily driven by continued market acceptance of First DefenseŽ for the prevention of calf scours.

Also, during the second half of 2013, production had been slowed in order to upgrade certain pieces of critical manufacturing equipment. The Company ended the first quarter with approximately $155,000 of orders that were placed by customers but could not be filled by the Company before April 1, 2014.

The Company is now rebuilding inventory back to historical levels with production back at full and increased capacity. Had the Company been able to fulfill all the orders placed during the first quarter in accordance with its normal shipping schedule, sales would have grown by 21% during the quarter as compared to the first quarter of 2013.

Gross margin during the first quarter of 2014 was 55%, compared to 57% in the first quarter of last year. In contrast, the gross margin was 44% during the six-month period ended December 31, 2013. Gross margin declined below normal levels during the second half of 2013 as production was slowed to replace and upgrade critical manufacturing equipment. The Company expects margins to be maintained in line with current levels throughout 2014.


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