OLDSMAR — Cryo-Cell International Inc. reported its second quarterly profit this year. For the third quarter ended Aug. 31, the umbilical cord-blood bank reported a net income $194,000 (2 cents per common share) up from the $547,000 loss (5 cents per share) for the same three-month period in 2012. This came on heels of a net loss for the quarter ending May 31 of $243,658 and a profit of about $244,000 in the quarter ending Feb. 28.
The company attributed the quarterly net income improvement primarily to a 6% increase in revenue and a 7% decline in selling, general and administrative expenses. The company also canceled several revenue-sharing agreements, which allowed it to avoid $313,661 in debt.
For the first nine months of the year, the company is reporting a profit of $194,782 a significant turnaround from a net loss of $5.45 million during the same period last year.
Turning a profit this year would mark a milestone for the company, which hasn't posted an annual profit since David Portnoy led a successful proxy battle to gain control of the company in August 2011. The company reported losses of $8.06 million in fiscal 2012 (ending Nov. 30, 2012) and $2.3 million in its fiscal 2011 (ending Nov. 30, 2011). The company's stock is traded over the counter (symbol: CCEL; recent price: $2.08).