OLDSMAR, Fla., July 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 second quarter and six months ended May 31, 2008.
Consolidated revenues for the second quarter were approximately $4.5 million, remaining relatively flat, as compared to approximately $4.5 million for the second quarter of 2007. The Company reported a net loss in the second quarter 2008 of approximately ($356,000), or ($0.03) per basic common share, compared to a net loss of approximately ($1,403,000), or ($0.12) per basic common share, in the second fiscal quarter of 2007. The decrease in the net loss in the second quarter of fiscal 2008 is primarily the result of a 25% decrease in marketing, general and administrative expenses. In addition, research and development expenses were approximately $49,000 in the second quarter of 2008, a decrease of approximately 73% 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 $282,000 in licensee income for
the second quarter of fiscal 2008, compared to approximately $264,000 for
the 2007 period. On March 17, 2008, the Company entered into a definitive
License and Royalty Agreement with LifeCell International Private Ltd.
("ACCPL") to establish and market its C'elle(SM) preservation program in
India. The non-refundable up-front license fee of $250,000 is payable by
ACCPL in installments. The first installment of $100,000, net of taxes, was
partially paid during the second quarter of 2008 and was recorded as
licensee income during the period. The 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 for the Com
|SOURCE Cryo-Cell International, Inc.|
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