Integrated BioPharma Reports Results for its Quarter Ended September 30, 2019
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Integrated BioPharma Reports Results for its Quarter Ended September 30, 2019

Wednesday, November 13, 2019 3:45 PM
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Earnings

HILLSIDE, NJ / ACCESSWIRE / November 13, 2019 / Integrated BioPharma, Inc. (OTC BB:INBP) (the "Company") reports it financial results for the quarter ended September 30, 2019.

Revenue for the quarter ended September 30, 2019 was $11.4 million compared to $10.3 million for the quarter ended September 30, 2018, an increase of $1.1 million or 10.7%. The Company had operating income for the quarter ended September 30, 2019 of $0.5 million compared to operating income of $0.4 million for the quarter ended September 30, 2018.

For the quarter ended September 30, 2019, the Company had net income and diluted net income of $0.3 million or $0.01 per share of common stock, compared with net income and diluted net income of $0.2 million or $0.01 per share of common stock for the quarter ended September 30, 2018.

"We are excited to report that our revenue increased by approximately 11% in the quarter ended September 30, 2019 and that our revenue from our two significant customers in our Contract Manufacturing Segment remained consistent; representing approximately 91% and 89% of total revenue in the quarters ended September 30, 2019 and 2018, respectively," said Riva Sheppard, Co-Chief Executive Officer of the Company.

A summary of our financial results for the three months ended September 30, 2019 follows:

INTEGRATED BIOPHARMA, INC. AND SUBSIDIARIES
           
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
           
(In thousands, except share and per share amounts)
           
(unaudited)
           
 
  Three Months Ended  
 
  September 30,  
 
  2019     2018  
 
           
Total revenue
  11,406     10,304  
Cost of sales
    10,007       9,085  
Gross profit
    1,399       1,219  
Selling and administrative expenses
    923       814  
Operating income
    476       405  
Other expense, net (1)
    (127 )     (191 )
 
               
Income before income taxes
    349       214  
Income tax expense, net
    37       55  
Net income
  312     159  
 
               
Net income per common share:
               
Basic
  0.01     0.01  
Diluted
  0.01     0.01  
Weighted average common shares outstanding:
               
Basic
    29,565,943       27,218,786  
Diluted
    30,724,633       27,963,604  
 
               
 
               
 
               
(1) Includes interest expense of $124 and $200, respectively.
               

SOURCE: Integrated BioPharma, Inc.

Integrated BioPharma, Inc.
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INBP
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