Integrated BioPharma Reports Results for its Quarter Ended December 31, 2021

Rhea-AI Summary

Integrated BioPharma, Inc. (OTCQX:INBP) reported its financial results for the quarter ended December 31, 2021. Revenue increased to $14.6 million, up 2.1% from $14.3 million in the same quarter of 2020. However, revenue for the six-month period decreased to $27.3 million, down 7.1% from $29.4 million. Operating income declined to $1.3 million for the six-month period, compared to $2.8 million in 2020. Net income for the quarter was $1.0 million or $0.04 per share, showing a slight decrease from the $1.2 million reported in 2020.

Positive

• Revenue growth in Q4 2021 to $14.6 million, up 2.1% from Q4 2020.
• Consistent revenue contribution from two largest customers, maintaining approximately 90% of total revenue.

Negative

• 6-month revenue decrease to $27.3 million, down 7.1% from $29.4 million in 2020.
• Decline in operating income for the six-month period to $1.3 million from $2.8 million.
• Net income decreased for both the quarter and six months compared to 2020.

HILLSIDE, NJ / ACCESSWIRE / February 10, 2022 / Integrated BioPharma, Inc. (OTCQX:INBP) (the "Company" or "INBP") reports its financial results for the quarter ended December 31, 2021.

Revenue for the quarter ended December 31, 2021 was $14.6 million compared to $14.3 million for the quarter ended December 31, 2020, an increase of $0.3 million or 2.1%. The Company had operating income for the quarters ended December 31, 2021 and 2020 of $0.7 million and $1.2 million respectively.

Revenue for the six-month period ended December 31, 2021 was $27.3 million compared to $29.4 million for the six-month period ended December 31, 2020, a decrease of $2.1 million or 7.1%. The Company had operating income for the six-month period ended December 31, 2021 of $1.3 million compared to operating income of $2.8 million for the six-month period ended December 31, 2020.

For the quarter ended December 31, 2021, the Company had net income of $1.0 million or $0.04 per share of common stock, compared with net income of $1.2 million or $0.04 per share of common stock for the quarter ended December 31, 2020. The Company's diluted net income per share of common stock for the quarters ended December 31, 2021 and 2020 were $0.03 and $0.04 per share of common stock, respectively.

For the six-month period ended December 31, 2021, the Company had net income of $1.5 million or $0.05 per share of common stock, compared with net income of $2.3 million or $0.08 per share of common stock for the six months ended December 31, 2020. The Company's diluted net income per share of common stock for the six months ended December 31, 2021 and 2020 were $0.05 and $0.07 per share of common stock, respectively.

"While our revenue decreased by approximately 7% in the six-month period ended December 31, 2021 from six-month period ended December 31, 2020, our revenue from our two largest customers in our Contract Manufacturing Segment remained consistent; representing approximately 90% and 92% of total revenue in the six-month period ended December 31, 2021 and 2020, respectively," stated the Co-Chief Executive Officers of the Company, Riva Sheppard and Christina Kay. "Revenue in the six-month period ended December 31, 2021 was lower than the six-month period ended December 31, 2020 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 six-month revenues ended December 31, 2020", the Co-CEO's further stated.

A summary of our financial results for the three months and six months ended December 31, 2021 and 2020 follows:

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

		Three Months Ended								Six Months Ended
		December 31,								December 31,
		2021				2020				2021				2020
Total revenue		$	14,594			$	14,257			$	27,345			$	29,429
Cost of sales			12,844				12,083				24,171				24,882
Gross profit			1,750				2,174				3,174				4,547
Selling and administrative expenses			1,020				930				1,859				1,794
Operating income			730				1,244				1,315				2,753
Other expense, net (1)			(39	)			(115	)			(85	)			(156	)
Income before income taxes			691				1,129				1,230				2,597
Income tax benefit (expense), net			340				95				317				(332	)
Net income		$	1,031			$	1,224			$	1,547			$	2,265
Net earnings per common share:
Basic		$	0.04			$	0.04			$	0.05			$	0.08
Diluted		$	0.03			$	0.04			$	0.05			$	0.07
Weighted average common shares outstanding:
Basic			29,823,919				29,658,661				29,823,029				29,652,302
Diluted			32,447,023				32,099,504				32,440,959				31,967,036

⁽¹⁾ Includes interest expense of $42, $79, $74 and $155 and unrealized losses on investments, a non-cash item, of $22, $44, $42 and $73, 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 www.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 associate with the outbreak and continuing spread of COVID-19, 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.

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FAQ

What were Integrated BioPharma's Q4 2021 revenue results?

Integrated BioPharma reported Q4 2021 revenue of $14.6 million, a 2.1% increase from $14.3 million in Q4 2020.

How did Integrated BioPharma perform in the first half of 2021?

For the first half of 2021, Integrated BioPharma's revenue was $27.3 million, down 7.1% from $29.4 million in the same period of 2020.

What was Integrated BioPharma's net income for Q4 2021?

The net income for Q4 2021 was $1.0 million, or $0.04 per share, compared to $1.2 million, or $0.04 per share, in Q4 2020.

What challenges did Integrated BioPharma face in 2021?

Challenges included a decrease in 6-month revenues attributed to increased safety stock and consumer demands during the COVID-19 pandemic.

What is the stock symbol for Integrated BioPharma?

The stock symbol for Integrated BioPharma is INBP.