Integrated BioPharma Reports Results for Its Quarter Ended September 30, 2022

Rhea-AI Summary

Integrated BioPharma, Inc. (OTCQX:INBP) reported a net loss of $35,000 for Q3 2022, contrasting with a net income of $516,000 in the same quarter last year. Revenue fell to $12.3 million, a 3.1% decrease from $12.8 million year-over-year. Operating income dropped significantly to $30,000 from $585,000 the previous year. The company attributes revenue decline to customer overstocking during the pandemic, despite offsetting some losses with increased sales to other customers.

Positive

• Increased sales to other customers helped offset some declines in revenue.

Negative

• Net loss of $35,000 compared to net income of $516,000 in the previous year.
• Revenue decreased by $0.5 million (3.1%) year-over-year.
• Operating income fell to $30,000 from $585,000 in the same quarter last year.

HILLSIDE, NJ / ACCESSWIRE / November 10, 2022 / Integrated BioPharma, Inc. (OTCQX:INBP) (the "Company" or "INBP") reports its financial results for the quarter ended September 30, 2022.

Revenue for the quarter ended September 30, 2022 was $12.3 million compared to $12.8 million for the quarter ended September 30, 2021, a decrease of $0.5 million or approximately 3.1%. The Company had operating income for the quarter ended September 30, 2022 of $30,000 compared to operating income of approximately $585,000 for the quarter ended September 30, 2021.

For the quarter ended September 30, 2022, the Company had a net loss of approximately $35,000 or $0.00 per share of common stock, compared with net income of $516,000 or $0.02 per share of common stock for the quarter ended September 30, 2021. The Company's diluted net income per share of common stock for the quarters ended September 30, 2022 and 2021 were $0.00 and $0.02 per share of common stock, respectively.

"Our revenue decreased by approximately 3% in the quarter ended September 30, 2022 from the quarter ended September 30, 2021 and our revenue from our two largest customers in our Contract Manufacturing Segment represented approximately 85% and 91% of total revenue in the quarters ended September 30, 2022 and 2021, respectively," stated the Co-Chief Executive Officers of the Company, Riva Sheppard and Christina Kay. "We believe the impacts of overstocking by our customers during the pandemic continued to contribute to the decline in our sales coming into our fiscal year ending June 30, 2023. As the share of revenues declined from our two largest customers in our Contract Manufacturing Segment, we were able to offset some of the decreased sales volumes with increased sales to our other customers" the Co-CEOs further stated.

A summary of our financial results for the three months ended September 30, 2022 and 2021 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,
		2022				2021
Total revenue		$	12,326			$	12,751
Cost of sales			11,329				11,327
Gross profit			997				1,424
Selling and administrative expenses			967				839
Operating income			30				585
Other expense, net (1)			(14	)			(46	)
Income before income taxes			16				539
Income tax expense, net			(51	)			(23	)
Net (loss) income		$	(35	)		$	516
Net (loss) income per common share:
Basic		$	(0.00	)		$	0.02
Diluted		$	(0.00	)		$	0.02
Weighted average common shares outstanding:
Basic			29,949,610				29,817,919
Diluted			29,949,610				32,599,896

⁽¹⁾ Includes interest expense of $13 and $32, respectively.

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 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, among others, changes in general economic and business conditions; loss of market share through competition; introduction of competing products by other companies; the timing of regulatory approval and the introduction of new products by INBP; changes in industry capacity; pressure on prices from competition or from purchasers of INBP's products; regulatory changes in the pharmaceutical manufacturing industry and nutraceutical industry; regulatory obstacles to the introduction of new technologies or products that are important to INBP; availability of qualified personnel; the loss of any significant customers or suppliers; the impact of the COVID-19 pandemic; the impact of the war in Ukraine 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.

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https://www.accesswire.com/725116/Integrated-BioPharma-Reports-Results-for-Its-Quarter-Ended-September-30-2022

FAQ

What were Integrated BioPharma's financial results for Q3 2022?

Integrated BioPharma reported a revenue of $12.3 million, a net loss of $35,000, and operating income of $30,000.

How did the revenue for Q3 2022 compare to Q3 2021 for INBP?

Revenue for Q3 2022 was $12.3 million, down from $12.8 million in Q3 2021, representing a decrease of 3.1%.

What caused the decrease in revenue for Integrated BioPharma in Q3 2022?

The decrease in revenue was attributed to customer overstocking during the pandemic, affecting sales volumes.

What is the net income per share for Integrated BioPharma for Q3 2022?

For Q3 2022, Integrated BioPharma reported a net loss per share of $0.00, compared to a net income of $0.02 per share in Q3 2021.