OLDSMAR, Fla., April 16, 2012 /PRNewswire/ -- Cryo-Cell International, Inc. (OTC:QB Markets Group Symbol: CCEL) (the "Company"), the world's first private cord blood bank to separate and store stem cells in 1992, today announced results for the first quarter ended February 29, 2012.
"Cryo-Cell's first quarter 2012 results are indicative of the many changes that are taking place at the Company," stated David Portnoy, Cryo-Cell's Chairman and Co-CEO. "In particular, the decrease in revenues is primarily a reflection of our increased pricing without the commensurate return from our new branding strategy and national sales force."
Mark Portnoy, Cryo-Cell's Co-CEO, added, "Although we were aware that the timing of the rise in expenses would not correlate directly with the timing of the rise in revenues, given the Company's unique stem cell storage services, large recurring revenue stream and strong cash position, this ongoing investment in the Company's future is the correct strategy at this time. Since Cryo-Cell was the first company in the world to separate and store stem cells in 1992, the new branding and sales initiatives will help maintain our leadership in the field."
Consolidated revenues for the first quarter of fiscal 2012 were approximately $4.2 million compared to approximately $4.5 million for the first quarter of fiscal 2011. The revenues for the first quarter of fiscal 2012 consisted of approximately $3.8 million in processing and storage fee revenue and approximately $342,000 in licensee income compared to approximately $4.1 million in processing and storage fee revenue and approximately $323,000 in licensee income for the first quarter of fiscal 2011. Licensee income for the three months ended February 29, 2012 consisted of approximately $337,000 in royalty income earned on the processing and storage of cord blood stem cell specimens in geographi
|SOURCE Cryo-Cell International, Inc.|
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