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news.Cryo-Cell, a company engaged in cellular processing and cryogenic storage of umbilical cord blood stem cells, has reported a net income of $536,000, or $0.05 per share, for the first quarter of fiscal 2009, compared to a net loss of approximately $247,000, or $0.02 per share, in the first quarter of fiscal 2008.
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The net income in the first quarter of fiscal 2009 is primarily the result of a 23% decrease in marketing, general and administrative expenses and a 23% decrease in cost of sales, said Cryo-Cell.
Consolidated revenues for the first quarter of fiscal 2009 were approximately $3.9 million compared to approximately $4.2 million for the first quarter of fiscal 2008, the company said.
Mercedes Walton, chairman and CEO of Cryo-Cell, said: “We are clearly encouraged by Cryo-Cell’s performance in the first quarter of fiscal 2009, which represents the company’s second consecutive quarter of recurring profitability. Despite the weakness in the US economy and its impact on discretionary consumer spending, Cryo-Cell is pleased to deliver first quarter 2009 earnings of $536,000 and gross margins of 71%.
“In addition, recent public policy developments on stem cell research have helped generate heightened public awareness on the enormous benefits and potential stem cells offer. This increased awareness, in turn, may have potentially contributed to the 94% increase in the company’s first quarter 2009 pipeline of prospective clients when compared to the same period in 2008.”