c areas where the Company has license agreements. The remaining licensee income related to installment payments of non-refundable up-front license fees from the licensees of the Company's umbilical cord blood program in Nicaragua. Licensee income for the three months ended February 28, 2011 principally consisted of approximately $318,000 in royalty income earned on the processing and storage of cord blood stem cell specimens in geographic areas where the Company has license agreements. The remaining licensee income related to an installment payment of a non-refundable up-front license fee from the licensee of the Company's umbilical cord blood program in Nicaragua.
The Company reported a net loss for the three months ended February 29, 2012 of approximately ($1.7 million), or ($0.15) per basic and diluted share, compared to net income of approximately $233,000, or $0.02 per basic and diluted share for the three months ended February 28, 2011. The decrease in net income for the three months ended February 29, 2012 principally resulted from the cancellation of the Bio-Stor Revenue Sharing Agreement resulting in a pre-tax charge for extinguishment of debt in the amount of approximately $1,200,000. Also, included in the decrease in net income is a 26% increase in selling, general and administrative expenses, due mainly to an increase of $191,000 in stock option compensation and the increase in sales and marketing initiatives. This is partially offset by a 12% decrease in cost of sales. In addition, research and development expenses were approximately $15,000 for the three months ended February 29, 2012, a decrease of approximately $21,000 or 59% in comparison to the same period in 2011.
At February 29, 2012, the Company had cash and cash equivalents of $4,320,073. The Company's cash decreased by approximately $2,000,000 during the first three months of fiscal 2012, primarily as a
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|SOURCE Cryo-Cell International, Inc.|
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