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OLDSMAR — Cryo-Cell International Inc. (symbol: CCEL), an Oldsmar-based blood bank, reported a 142% increase in net income, or $3.4 million, for the 2010 fiscal year.
That growth came despite a slight decrease in revenues, from $17.7 million in 2009 down to $17.6 million.
A canceled contract led to part of the company's growth in profitability. Cryo-Cell canceled its storage contract with Safti-Cell, a company based in Arizona, in the fourth quarter of 2009. That move, which cost Cryo-Cell $697,000, depressed 2009 profits and led to 2010 savings of $230,000.
Cryo-Cell's reported net income for 2010 was also boosted by a tax benefit carried over from a previous quarter in which the company lost money. The firm paid $1.8 million less in income taxes as a result.
For the year ending in November, Cryo-Cell reported $9.5 million in cash and cash equivalents, up from $7.8 million at the end of 2009. The company has no long-term debt.
Cryo-Cell stock is trading at $2.05, down slightly from its 52-week high of $2.50.
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