OLDSMAR, Fla., April 10 /PRNewswire-FirstCall/ -- Cryo-Cell International, Inc. (OTC Bulletin Board: CCEL) (the "Company"), one of the world's largest and most established family cord blood banks, today announced results for the first quarter ended February 29, 2008.
Consolidated revenues for the first quarter were approximately $4.2 million, remaining relatively flat, as compared to approximately $4.2 million for the first quarter of 2007. The Company reported a net loss in the first quarter 2008 of approximately ($247,000), or ($0.02) per basic common share, compared to a net loss of approximately ($787,000), or ($0.07) per basic common share, in the first fiscal quarter of 2007. The decrease in the net loss in the first quarter of fiscal 2008 is in part the result of a 5% decrease in cost of sales and a 16% decrease in marketing, general and administrative expenses. In addition, research and development expenses were approximately $45,000 in the first quarter of 2008, a decrease of approximately 67% in comparison to the same period in 2007. Research and development expenses in 2008 represented expenses related to the development of the Company's new C'elle(R) menstrual stem cell technology.
The Company recognized approximately $183,000 in licensee income for the first quarter of fiscal 2008, compared to approximately $288,000 for the 2007 period. The licensee income in the 2008 period is royalty income earned on subsequent processing and storage of specimens in geographical areas where the Company has license agreements, and from the sale of sub-license agreements by licensees. Licensee income for the 2007 period consisted of $127,440 received as an installment payment from the non-recurring sale of the India license agreement and $160,555 of royalty income earned on the subsequent processing and storage of specimens in geographical areas where the Company has license agreements, and from the sale of sub-license agreements by licensees.<
|SOURCE Cryo-Cell International, Inc.|
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