StemCell Therapy

Cryo-Cell International, Inc. (OTC:QB Markets Group Symbol: CCEL), the company that in 1992, became the first to separate and store stem cells, today announced financial results for the third quarter ended August 31, 2012.

Oldsmar, Florida (PRWEB) October 15, 2012

For the quarter ended August 31, 2012, the Company reported a net loss of $547,000, or $0.05 per basic common share, compared to a net loss of $2.4 million, or $0.20 per basic common share, for the three months ended August 31, 2011 and a net loss of $3.2 million, or $0.28 per basic common share, for the quarter ended May 31, 2012. The decrease in net loss for the August 2012 quarter resulted primarily from a decrease in selling, general and administrative expenses of $1.9 million, or 38%, to $3.0 million for the quarter ended August 31, 2012 from $4.9 million for the quarter ended August 31, 2011. Additionally, total revenue increased marginally to $4.5 million for the 2012 quarter compared to $4.4 million of total revenue for the 2011 quarter.

David Portnoy, Cryo-Cells Chairman and Co-Chief Executive Officer commented, We believe that Cryo-Cells fiscal third quarter 2012 results are an indication that the board of directors is successfully repositioning the Company for sustainable, profitable future growth. Operating income for the 2012 fiscal third quarter was $38,000 versus an operating loss of $1.1 million for the immediately preceding quarter.

Mark Portnoy, Cryo-Cells Co-Chief Executive Officer, added, We are pleased to see the improvement in the results from continuing operations from the prior period. We believe that the investment we have made in our new sales and marketing strategy is beginning to pay off. Although we expect some variability going forward, we are encouraged by the trend of increasing revenues and operating income over the last several months.

Financial Results

Revenue

For the quarter ended August 31, 2012, total revenues increased $134,000, or 3%, to $4.5 million from $4.4 million for the quarter ended August 31, 2011. The 2012 quarterly revenue consisted of $4.2 million in processing and storage fee revenue and $356,000 in licensee income, compared to $4.1 million in processing and storage fee revenue and $335,000 in licensee income for the 2011 quarter. Licensee income for the three months ended August 31, 2012 consisted primarily of $326,000 in royalty income earned on the processing and storage of cord blood stem cell specimens in geographic areas where the Company has license agreements and $30,000 related to installment payments of non-refundable up-front license fees from the licensees of the Companys umbilical cord blood program in Costa Rica and Nicaragua. Licensee income for the three months ended August 31, 2011 consisted primarily of $319,000 in royalty income earned on the processing and storage of cord blood stem cell specimens in geographic areas where the Company has license agreements and $16,000 related to installment payments of non-refundable up-front license fees from the licensees of the Companys umbilical cord blood program in Costa Rica.

Net Loss

For the quarter ended August 31, 2012, the Company reported a net loss of $547,000, or $0.05 per basic common share, compared to a net loss of $2.4 million, or $0.20 per basic common share, for the three months ended August 31, 2011. The decrease in the net loss for the three months ended August 31, 2012 was due primarily to a decrease in selling, general and administrative expenses.

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Cryo-Cell Reports Fiscal Third Quarter Financial Results

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