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

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.

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