Integrated BioPharma Reports Results for its Quarter and Fiscal Year Ended June 30, 2022

Rhea-AI Summary

Integrated BioPharma, Inc. (INBP) announced its financial results for the quarter and fiscal year ending June 30, 2022. Revenue decreased to $13.3 million for the quarter and $56.2 million for the fiscal year, down 22.2% and 11.6% year-over-year, respectively. Net income also fell, landing at $1.5 million ($0.05 per share) for the quarter and $3.8 million ($0.13 per share) for the year. The decline was attributed to increased safety stock and consumer demand changes during the pandemic, despite consistent revenue from major customers, which comprised 90% of total revenue.

Positive

• Consistent revenue from two largest customers represented 90% of total revenue in fiscal year 2022.
• Operating income for the quarter was $0.4 million, indicating retained profitability.

Negative

• Quarterly revenue decrease of $3.8 million (22.2%) compared to the same quarter last year.
• Fiscal year revenue declined by $7.4 million (11.6%) year-over-year.
• Net income per share decreased from $0.15 to $0.05 for the quarter, and from $0.27 to $0.13 for the fiscal year.

HILLSIDE, NJ / ACCESSWIRE / September 13, 2022 / Integrated BioPharma, Inc. (OTCQX:INBP) (the "Company" or "INBP") reports its financial results for the quarter and fiscal year ended June 30, 2022.

Revenue for the quarter ended June 30, 2022 was $13.3 million compared to $17.1 million for the quarter ended June 30, 2021, a decrease of $3.8 million or 22.2%. The Company had operating income of $0.4 million and $1.3 million in the quarters ended June 30, 2022 and 2021, respectively.

Revenues for the fiscal year ended June 30, 2022 were $56.2 million compared to $63.6 million for the fiscal year ended June 30, 2021, a decrease of $7.4 million or 11.6%. The Company had operating income for the fiscal year ended June 30, 2022 of $2.7 million compared to operating income of $5.8 million for the fiscal year ended June 30, 2021.

For the quarter ended June 30, 2022, the Company had net income of $1.5 million or $0.05 per share of common stock, compared with net income of $4.5 million or $0.15 per share of common stock for the quarter ended June 30, 2021. The Company's diluted net income per share of common stock for the quarters ended June 30, 2022 and 2021 were $0.05 and $0.14 per share of common stock, respectively.

For the fiscal year ended June 30, 2022, the Company had net income of $3.8 million or $0.13 per share of common stock, compared with net income of $8.0 million or $0.27 per share of common stock for the fiscal year ended June 30, 2021. The Company's diluted net income per share of common stock for the fiscal years ended June 30, 2022 and 2021 were $0.12 and $0.25 per share of common stock, respectively.

"While our revenue decreased by approximately 11.6% in the fiscal year ended June 30, 2022 from the prior fiscal year ended June 30, 2021 our revenue from our two largest customers in our Contract Manufacturing Segment remained consistent; representing approximately 90% and 92% of total revenue in the fiscal years ended June 30, 2022 and 2021, respectively," stated the Co-Chief Executive Officers of the Company, Riva Sheppard and Christina Kay. "Revenue in the fiscal year ended June 30, 2022 was lower compared to the fiscal year ended June 30, 2021 due to increased safety stock and consumer demands required by our customers during the height of the COVID-19 pandemic. We also believe the fear of slowdowns in production due to the pandemic were contributing factors in our fiscal year revenues ended June 30, 2021", the Co-CEO's further stated.

A summary of our financial results for the three months and fiscal years ended June 30, 2022 and 2021 follows:

INTEGRATED BIOPHARMA, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except share and per share amounts)
(unaudited)

		Three Months Ended								Fiscal Year Ended
		June 30,								June 30,
		2022				2021				2022				2021
Total revenue		$	13,267			$	17,058			$	56,246			$	63,559
Cost of sales			11,871				14,786				49,694				54,079
Gross profit			1,396				2,272				6,552				9,480
Selling and administrative expenses			958				960				3,807				3,696
Operating income			438				1,312				2,745				5,784
Other income (expense), net (1)			(31	)			1,632				(148	)			1,463
Income before income taxes			407				2,944				2,597				7,247
Income tax benefit, net			1,087				1,563				1,241				766
Net income		$	1,494			$	4,507			$	3,838			$	8,013
Net income per common share:
Basic		$	0.05			$	0.15			$	0.13			$	0.27
Diluted		$	0.05			$	0.14			$	0.12			$	0.25
Weighted average common shares outstanding:
Basic			29,886,614				29,782,814				29,843,387				29,699,065
Diluted			32,182,633				32,487,018				32,321,326				32,113,681

⁽¹⁾Includes PPP Note forgiveness of $1,659 in the three months and fiscal year ended June 30, 2021 and unrealized loss in investment in iBio, Inc. of $7, $2, $55 and $53, respectively, a non-cash item.

About Integrated BioPharma Inc. (INBP)

Integrated BioPharma, Inc. is engaged primarily in manufacturing, distributing, marketing and sales of vitamins, nutritional supplements and herbal products. Further information is available at https://ir.ibiopharma.com/.

This document contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties, as well as assumptions, that, if they never materialize or prove incorrect, could cause the results of INBP to differ materially from those expressed or implied by such forward-looking statements. Forward-looking statements generally are identified by the words "expects," "anticipates," believes," intends," "estimates," "should," "would," "strategy," "plan" and similar expressions. All statements other than statements of historical fact are statements that could be deemed forward-looking statements and are not guarantees of future performance. Such statements speak only as of the date hereof, are subject to change and should not be relied upon for investment purposes. INBP undertakes no obligation to revise or update any statements for any reasons. The risks, uncertainties and assumptions include developments in the nutraceutical market and related products and services, risks associated with the outbreak and continuing spread of COVID-19, general economic uncertainties resulting from the war in Ukraine, the Company's ability to maintain the qualitative and quantitative qualifications for continued inclusion on the OTCQX Best Market and other risks and uncertainties described in the section entitled "Risk Factors" in INBP's most recent Annual Report on Form 10-K and its subsequent Quarterly Reports on Form 10-Q. Accordingly, INBP cannot give assurance that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what impact they will have on the results of operations or financial condition of INBP.

Contact:

Dina Masi, CFO
Integrated BioPharma, Inc.
investors@ibiopharma.com
888.319.6962

SOURCE: Integrated BioPharma, Inc.

View source version on accesswire.com:
https://www.accesswire.com/715842/Integrated-BioPharma-Reports-Results-for-its-Quarter-and-Fiscal-Year-Ended-June-30-2022

FAQ

What were the revenue figures for Integrated BioPharma (INBP) for the quarter ending June 30, 2022?

The revenue for the quarter ended June 30, 2022, was $13.3 million.

How did Integrated BioPharma's net income change for the fiscal year ending June 30, 2022?

Net income for the fiscal year ending June 30, 2022, was $3.8 million, down from $8.0 million the previous year.

What is the impact of customer revenue consistency on INBP's financial results?

Revenue from two largest customers remained consistent, representing approximately 90% of total revenue, mitigating further declines.

What are the earnings per share for INBP for fiscal year ending June 30, 2022?

Earnings per share for the fiscal year ending June 30, 2022, was $0.13, down from $0.27 a year earlier.