Cryo-Cell earns $4.5 million

OLDSMAR — Cryo-Cell International Inc. (symbol: CCEL) earned $4.5 million in revenues in the first quarter of 2011, up from $4.3 million in last year's first quarter.

But the Oldsmar-based company, which operates a network of blood bank and stem cell storage facilities, saw a slight decrease in net income — down from $371,000 last year to $233,000 this year.

According to a statement issued by the company, profits were down in part because expenses went up. Marketing, general and administrative expenses rose 8%, and the cost of sales went up 6%, as Cryo-Cell processed a 10% larger number of specimens this year, a statement explained.