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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.
The company also experienced a 28% decrease in licensee income. Network operators in Chile, Colombia, Peru, Nicaragua and Pakistan paid up-front license fees in 2010 that will not reoccur this year.
Cryo-Cell has $9.5 million in cash and cash equivalents in the bank, up 23% over the year, and no long-term debt. Its stock traded at a per-share value of $2 at the end of the quarter, up from $1.51 a year ago, for a 32% increase.
Cryo-Cell has more than 230,000 clients around the world. Mercedes Walton leads the firm as chairman and CEO.
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