$ICCC
IMMUCELL CORP /DE/

2013 Q2 Form 10-Q Financial Statement

#000114420413045052 Filed on August 13, 2013

View on sec.gov

Income Statement

Concept 2013 Q2 2012 Q2
Revenue $1.366M $1.175M
YoY Change 16.28% -5.8%
Cost Of Revenue $582.8K $504.6K
YoY Change 15.5% -8.25%
Gross Profit $783.7K $670.5K
YoY Change 16.88% -3.46%
Gross Profit Margin 57.35% 57.06%
Selling, General & Admin $488.1K $421.4K
YoY Change 15.82% -6.35%
% of Gross Profit 62.28% 62.85%
Research & Development $271.9K $211.7K
YoY Change 28.41% -68.53%
% of Gross Profit 34.69% 31.57%
Depreciation & Amortization $100.0K $110.0K
YoY Change -9.09% 10.0%
% of Gross Profit 12.76% 16.41%
Operating Expenses $760.0K $633.1K
YoY Change 20.03% -5.89%
Operating Profit $23.72K $37.40K
YoY Change -36.57% -108.64%
Interest Expense -$10.00K -$20.00K
YoY Change -50.0% 0.0%
% of Operating Profit -42.15% -53.48%
Other Income/Expense, Net -$13.25K -$10.36K
YoY Change 27.88% 3.64%
Pretax Income $10.47K $27.03K
YoY Change -61.27% -105.88%
Income Tax $4.017K $11.85K
% Of Pretax Income 38.37% 43.82%
Net Earnings $6.452K $15.19K
YoY Change -57.52% -105.88%
Net Earnings / Revenue 0.47% 1.29%
Basic Earnings Per Share $0.00 $0.01
Diluted Earnings Per Share $0.00 $0.01
COMMON SHARES
Basic Shares Outstanding 3.019M shares 3.019M shares
Diluted Shares Outstanding 3.077M shares 3.114M shares

Balance Sheet

Concept 2013 Q2 2012 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $5.680M $5.010M
YoY Change 13.37% -1.38%
Cash & Equivalents $2.440M $1.034M
Short-Term Investments $3.240M $3.980M
Other Short-Term Assets $190.0K $200.0K
YoY Change -5.0% 11.11%
Inventory $1.573M $1.670M
Prepaid Expenses $174.5K
Receivables $531.0K $360.0K
Other Receivables $26.33K $30.00K
Total Short-Term Assets $8.001M $7.270M
YoY Change 10.05% -2.02%
LONG-TERM ASSETS
Property, Plant & Equipment $2.240M $2.520M
YoY Change -11.09% -3.82%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $62.50K $1.260M
YoY Change -95.04% 0.0%
Total Long-Term Assets $3.374M $3.770M
YoY Change -10.5% -2.58%
TOTAL ASSETS
Total Short-Term Assets $8.001M $7.270M
Total Long-Term Assets $3.374M $3.770M
Total Assets $11.37M $11.04M
YoY Change 3.03% -2.21%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $171.4K $110.0K
YoY Change 55.86% 83.33%
Accrued Expenses $285.8K $230.0K
YoY Change 24.25% -64.62%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $190.0K $180.0K
YoY Change 5.56% 5.88%
Total Short-Term Liabilities $893.1K $520.0K
YoY Change 71.75% -41.57%
LONG-TERM LIABILITIES
Long-Term Debt $990.0K $1.180M
YoY Change -16.1% -13.24%
Other Long-Term Liabilities $40.00K $80.00K
YoY Change -50.0%
Total Long-Term Liabilities $1.030M $1.260M
YoY Change -18.25% -7.35%
TOTAL LIABILITIES
Total Short-Term Liabilities $893.1K $520.0K
Total Long-Term Liabilities $1.030M $1.260M
Total Liabilities $1.929M $1.780M
YoY Change 8.36% -20.54%
SHAREHOLDERS EQUITY
Retained Earnings -$314.0K
YoY Change
Common Stock $10.32M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $529.7K
YoY Change
Treasury Stock Shares 242.1K shares
Shareholders Equity $9.446M $9.258M
YoY Change
Total Liabilities & Shareholders Equity $11.37M $11.04M
YoY Change 3.03% -2.21%

Cashflow Statement

Concept 2013 Q2 2012 Q2
OPERATING ACTIVITIES
Net Income $6.452K $15.19K
YoY Change -57.52% -105.88%
Depreciation, Depletion And Amortization $100.0K $110.0K
YoY Change -9.09% 10.0%
Cash From Operating Activities $490.0K $130.0K
YoY Change 276.92% -165.0%
INVESTING ACTIVITIES
Capital Expenditures -$70.00K -$130.0K
YoY Change -46.15% 550.0%
Acquisitions
YoY Change
Other Investing Activities -$250.0K -$500.0K
YoY Change -50.0% -308.33%
Cash From Investing Activities -$330.0K -$620.0K
YoY Change -46.77% -381.82%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -50.00K -50.00K
YoY Change 0.0%
NET CHANGE
Cash From Operating Activities 490.0K 130.0K
Cash From Investing Activities -330.0K -620.0K
Cash From Financing Activities -50.00K -50.00K
Net Change In Cash 110.0K -540.0K
YoY Change -120.37% -2800.0%
FREE CASH FLOW
Cash From Operating Activities $490.0K $130.0K
Capital Expenditures -$70.00K -$130.0K
Free Cash Flow $560.0K $260.0K
YoY Change 115.38% -244.44%

Facts In Submission

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us-gaap Nature Of Operations
NatureOfOperations
<table border="0" style="clear:both;width:100%; table-layout:fixed;"> <tr> <td></td> </tr> </table> <div style="clear:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="clear:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt; FONT-SIZE: 10pt"> <table style="clear:both;MARGIN-TOP: 0px; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 0.5in" align="left"> <div style="clear:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt"><b> 1.</b></div> </td> <td style="TEXT-ALIGN: justify"> <div style="clear:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt"><b>BASIS OF PRESENTATION</b></div> </td> </tr> </table> </div> <div style="clear:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &#160;</div> <div style="clear:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> We have prepared the accompanying financial statements without audit reflecting all adjustments, all of which are of a normal recurring nature, that are, in our opinion, necessary in order to make the financial statements not misleading. We follow accounting standards set by the Financial Accounting Standards Board (FASB). The FASB sets generally accepted accounting principles (GAAP) that we follow to ensure we consistently report our financial condition, results of operations, earnings per share and cash flows. References to GAAP in these footnotes are to the FASB <i>Accounting Standards Codification</i>&#153; (Codification). Certain information and footnote disclosures normally included in the annual financial statements have been condensed or omitted. Accordingly, we believe that although the disclosures are adequate to make the information presented not misleading, these financial statements should be read in conjunction with the financial statements for the year ended December 31, 2012 and the notes thereto, contained in our Annual Report on Form 10-K as filed with the Securities and Exchange Commission.</div> </div>
CY2013Q2 iccc Cash Fdic Insured Amount Limit
CashFdicInsuredAmountLimit
250000 USD
CY2013Q2 iccc Bank Debt Covenant Amount
BankDebtCovenantAmount
1000000 USD
CY2013Q2 us-gaap Cash Cash Equivalents And Short Term Investments
CashCashEquivalentsAndShortTermInvestments
5676227 USD
CY2012Q4 us-gaap Cash Cash Equivalents And Short Term Investments
CashCashEquivalentsAndShortTermInvestments
4913719 USD
iccc Increase Decrease In Short Term Investments
IncreaseDecreaseInShortTermInvestments
996000 USD
iccc Increase Decrease In Cash And Cash Equivalents And Short Term Investments
IncreaseDecreaseInCashAndCashEquivalentsAndShortTermInvestments
762508 USD
CY2013Q2 us-gaap Inventory Raw Materials
InventoryRawMaterials
327397 USD
CY2012Q4 us-gaap Inventory Raw Materials
InventoryRawMaterials
198441 USD
CY2013Q2 us-gaap Inventory Work In Process
InventoryWorkInProcess
810085 USD
CY2012Q4 us-gaap Inventory Work In Process
InventoryWorkInProcess
986243 USD
CY2013Q2 us-gaap Inventory Finished Goods
InventoryFinishedGoods
435292 USD
CY2012Q4 us-gaap Inventory Finished Goods
InventoryFinishedGoods
464318 USD
iccc Increase Decrease In Raw Materials Inventories
IncreaseDecreaseInRawMaterialsInventories
128956 USD
iccc Increase Decrease In Work In Process Inventories
IncreaseDecreaseInWorkInProcessInventories
-176158 USD
iccc Increase Decrease In Finished Goods Inventories
IncreaseDecreaseInFinishedGoodsInventories
-29026 USD
CY2013Q2 us-gaap Machinery And Equipment Gross
MachineryAndEquipmentGross
3074571 USD
CY2012Q4 us-gaap Machinery And Equipment Gross
MachineryAndEquipmentGross
3029559 USD
CY2013Q2 us-gaap Buildings And Improvements Gross
BuildingsAndImprovementsGross
2816144 USD
CY2012Q4 us-gaap Buildings And Improvements Gross
BuildingsAndImprovementsGross
2785698 USD
CY2013Q2 us-gaap Furniture And Fixtures Gross
FurnitureAndFixturesGross
315631 USD
CY2012Q4 us-gaap Furniture And Fixtures Gross
FurnitureAndFixturesGross
312979 USD
CY2013Q2 us-gaap Land
Land
50000 USD
CY2012Q4 us-gaap Land
Land
50000 USD
CY2013Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
6256346 USD
CY2012Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
6178236 USD
CY2013Q2 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
4015914 USD
CY2012Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
3820627 USD
CY2013Q2 us-gaap Security Deposit
SecurityDeposit
550 USD
CY2012Q4 us-gaap Security Deposit
SecurityDeposit
250 USD
CY2013Q2 us-gaap Unamortized Debt Issuance Expense
UnamortizedDebtIssuanceExpense
26489 USD
CY2012Q4 us-gaap Unamortized Debt Issuance Expense
UnamortizedDebtIssuanceExpense
26489 USD
CY2013Q2 us-gaap Other Assets
OtherAssets
47604 USD
CY2012Q4 us-gaap Other Assets
OtherAssets
47604 USD
CY2013Q2 iccc Other Assets Gross
OtherAssetsGross
74643 USD
CY2012Q4 iccc Other Assets Gross
OtherAssetsGross
74343 USD
CY2013Q2 us-gaap Accumulated Amortization Of Noncurrent Deferred Finance Costs
AccumulatedAmortizationOfNoncurrentDeferredFinanceCosts
12147 USD
CY2012Q4 us-gaap Accumulated Amortization Of Noncurrent Deferred Finance Costs
AccumulatedAmortizationOfNoncurrentDeferredFinanceCosts
10709 USD
CY2010Q3 us-gaap Secured Debt
SecuredDebt
2100000 USD
CY2010Q3 us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
1000000 USD
CY2010Q3 us-gaap Mortgage Loans On Real Estate Periodic Payment Terms Balloon Payment To Be Received
MortgageLoansOnRealEstatePeriodicPaymentTermsBalloonPaymentToBeReceived
451885 USD
CY2011Q1 us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
600000 USD
CY2013Q2 iccc Long Term Debt And Bank Debt Current
LongTermDebtAndBankDebtCurrent
91976 USD
CY2013Q2 iccc Long Term Debt And Bank Debt Current Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtAndBankDebtCurrentMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
190390 USD
CY2013Q2 iccc Long Term Debt And Bank Debt Current Maturities Repayments Of Principal In Year Two
LongTermDebtAndBankDebtCurrentMaturitiesRepaymentsOfPrincipalInYearTwo
150238 USD
CY2013Q2 iccc Long Term Debt And Bank Debt Current Maturities Repayments Of Principal In Year Three
LongTermDebtAndBankDebtCurrentMaturitiesRepaymentsOfPrincipalInYearThree
57384 USD
CY2013Q2 iccc Long Term Debt And Bank Debt Current Maturities Repayments Of Principal In Year Four
LongTermDebtAndBankDebtCurrentMaturitiesRepaymentsOfPrincipalInYearFour
61056 USD
CY2013Q2 iccc Long Term Debt And Bank Debt Current Maturities Repayments Of Principal In Year Five
LongTermDebtAndBankDebtCurrentMaturitiesRepaymentsOfPrincipalInYearFive
64876 USD
CY2013Q2 iccc Long Term Debt And Bank Debt Current Maturities Repayments Of Principal After Year Five
LongTermDebtAndBankDebtCurrentMaturitiesRepaymentsOfPrincipalAfterYearFive
562604 USD
iccc Rights Exercisable Period Description
RightsExercisablePeriodDescription
The Rights (as amended) become exercisable and transferable apart from the common stock upon the earlier of i) 10 days following a public announcement that a person or group (Acquiring Person) has, without the prior consent of the Continuing Directors (as such term is defined in the Rights Agreement), acquired beneficial ownership of 20% or more of the outstanding common stock or ii) 10 days following commencement of a tender offer or exchange offer the consummation of which would result in ownership by a person or group of 20% or more of the outstanding common stock (the earlier of such dates being called the Distribution Date).
CY2011Q3 iccc Common Stock Rights Redemption Price Description
CommonStockRightsRedemptionPriceDescription
Company may redeem the then outstanding Rights in whole, but not in part, at a price of $0.005 per Right
iccc Initial Purchase Price Per Share Of Common Stock
InitialPurchasePricePerShareOfCommonStock
70.00
CY2005Q2 iccc Rights Expiration Date
RightsExpirationDate
2008-09-19
CY2008Q2 iccc Rights Expiration Date
RightsExpirationDate
2011-09-19
CY2013Q2 iccc Total Liabilities Debt Current Portion And Long Term Portion
TotalLiabilitiesDebtCurrentPortionAndLongTermPortion
1178524 USD
CY2013Q2 us-gaap Royalty Income Nonoperating
RoyaltyIncomeNonoperating
0 USD
CY2012Q2 us-gaap Royalty Income Nonoperating
RoyaltyIncomeNonoperating
4525 USD
us-gaap Royalty Income Nonoperating
RoyaltyIncomeNonoperating
-3000 USD
us-gaap Royalty Income Nonoperating
RoyaltyIncomeNonoperating
8570 USD
CY2013Q2 us-gaap Interest Income Other
InterestIncomeOther
3628 USD
CY2012Q2 us-gaap Interest Income Other
InterestIncomeOther
4375 USD
us-gaap Interest Income Other
InterestIncomeOther
6518 USD
us-gaap Interest Income Other
InterestIncomeOther
9380 USD
CY2013Q2 us-gaap Interest Expense Other
InterestExpenseOther
16879 USD
CY2012Q2 us-gaap Interest Expense Other
InterestExpenseOther
18979 USD
us-gaap Interest Expense Other
InterestExpenseOther
34101 USD
us-gaap Interest Expense Other
InterestExpenseOther
38465 USD
CY2013Q2 us-gaap Other Nonoperating Gains Losses
OtherNonoperatingGainsLosses
-2 USD
CY2012Q2 us-gaap Other Nonoperating Gains Losses
OtherNonoperatingGainsLosses
-285 USD
us-gaap Other Nonoperating Gains Losses
OtherNonoperatingGainsLosses
61359 USD
us-gaap Other Nonoperating Gains Losses
OtherNonoperatingGainsLosses
-358 USD
CY2013Q2 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-13253 USD
CY2012Q2 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-10364 USD
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
30776 USD
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-20873 USD
CY2008Q2 iccc Minimum Ownership Threshold Limit
MinimumOwnershipThresholdLimit
0.15 pure
CY2011Q3 iccc Minimum Ownership Threshold Limit
MinimumOwnershipThresholdLimit
0.18 pure
CY2011Q3 iccc Rights Expiration Date
RightsExpirationDate
2014-09-19
CY2008Q2 iccc Maximum Ownership Threshold Limit
MaximumOwnershipThresholdLimit
0.18 pure
CY2011Q3 iccc Maximum Ownership Threshold Limit
MaximumOwnershipThresholdLimit
0.2 pure
CY2013Q2 us-gaap Share Based Compensation
ShareBasedCompensation
7940 USD
CY2012Q2 us-gaap Share Based Compensation
ShareBasedCompensation
9362 USD
CY2013Q2 iccc Interest Rate Swap Before Taxes
InterestRateSwapBeforeTaxes
30637 USD
CY2012Q2 iccc Interest Rate Swap Before Taxes
InterestRateSwapBeforeTaxes
-23010 USD
iccc Interest Rate Swap Before Taxes
InterestRateSwapBeforeTaxes
40303 USD
iccc Interest Rate Swap Before Taxes
InterestRateSwapBeforeTaxes
-13676 USD
CY2013Q2 iccc Income Tax Applicable To Interest Rate Swap
IncomeTaxApplicableToInterestRateSwap
-12222 USD
CY2012Q2 iccc Income Tax Applicable To Interest Rate Swap
IncomeTaxApplicableToInterestRateSwap
9180 USD
iccc Income Tax Applicable To Interest Rate Swap
IncomeTaxApplicableToInterestRateSwap
-16078 USD
iccc Income Tax Applicable To Interest Rate Swap
IncomeTaxApplicableToInterestRateSwap
5456 USD
CY2013Q2 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
18415 USD
CY2012Q2 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-13830 USD
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
24225 USD
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-8220 USD
CY2013Q2 iccc Total Comprehensive Income Loss
TotalComprehensiveIncomeLoss
24867 USD
CY2012Q2 iccc Total Comprehensive Income Loss
TotalComprehensiveIncomeLoss
1357 USD
iccc Total Comprehensive Income Loss
TotalComprehensiveIncomeLoss
234986 USD
iccc Total Comprehensive Income Loss
TotalComprehensiveIncomeLoss
161729 USD
us-gaap Revenue From Related Parties
RevenueFromRelatedParties
210793 USD
us-gaap Revenue From Related Parties
RevenueFromRelatedParties
133416 USD
CY2013Q2 us-gaap Accounts Receivable Related Parties Current
AccountsReceivableRelatedPartiesCurrent
20518 USD
CY2012Q4 us-gaap Accounts Receivable Related Parties Current
AccountsReceivableRelatedPartiesCurrent
27348 USD

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