Integrated BioPharma Reports Results for its Quarter Ended December 31, 2020

Rhea-AI Summary

Integrated BioPharma, Inc. (OTCQX:INBP) announced its financial results for Q2 2020, revealing revenue of $14.3 million, a slight increase from $14.2 million in Q2 2019. For the six-month period, revenue rose 14.8% to $29.4 million. The company reported net income of $1.2 million ($0.04 per share) for Q2 2020, up from $1.0 million ($0.03 per share) in 2019. Operating income remained stable at $1.2 million for both periods. The Co-CEOs highlighted consistency in revenue from their top two customers, making up 92% of total revenue.

Positive

• Revenue increased by 0.7% to $14.3 million in Q2 2020 compared to Q2 2019.
• Six-month revenue rose 14.8% to $29.4 million from $25.6 million in the prior period.
• Net income for Q2 2020 was $1.2 million, up from $1.0 million in 2019.
• Consistent revenue from the top two customers, representing 92% of total revenue.

Negative

• Operating income remained flat at $1.2 million for both Q2 periods.
• Potential concerns about reliance on two major customers for 92% of revenue.

HILLSIDE, NJ / ACCESSWIRE / February 12, 2021 / Integrated BioPharma, Inc. ((OTCQX:INBP)) (the "Company" or "INBP") reports its financial results for the quarter ended December 31, 2020.

Revenue for the quarter ended December 31, 2020 was $14.3 million compared to $14.2 million for the quarter ended December 31, 2019, an increase of $0.1 million or 0.7%. The Company had operating income for each of the quarters ended December 31, 2020 and 2019 of $1.2 million.

Revenues for the six-month period ended December 31, 2020 were $29.4 million compared to $25.6 million for the six-month period ended December 31, 2019, an increase of $3.8 million or 14.8%. The Company had operating income for the six-month period ended December 31, 2020 of $2.8 million compared to operating income of $1.7 million for the six-month period ended December 31, 2019.

For the quarter ended December 31, 2020, the Company had net income of $1.2 million or $0.04 per share of common stock, compared with net income of $1.0 million or $0.03 per share of common stock for the quarter ended December 31, 2019. The Company's diluted net income per share of common stock for the quarters ended December 31, 2020 and 2019 were $0.04 and $0.03 per share of common stock, respectively.

For the six-month period ended December 31, 2020, the Company had net income of $2.3 million or $0.08 per share of common stock, compared with net income of $1.3 million or $0.04 per share of common stock for the quarter ended December 31, 2019. The Company's diluted net income per share of common stock for the quarters ended December 31, 2020 and 2019 were $0.07 and $0.04 per share of common stock, respectively.

"We are excited to report that our revenue increased by approximately 15% in the six-month period ended December 31, 2020 from the prior six-month period ended December 31, 2019 and that our revenue from our two significant customers in our Contract Manufacturing Segment remained consistent; representing approximately 92% of total revenue in each of the six-month periods ended December 31, 2020 and 2019," stated the Co-Chief Executive Officers of the Company, Riva Sheppard and Christina Kay.

A summary of our financial results for the three months and six months ended December 31, 2020 and 2019 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,
		2020				2019				2020				2019
Total revenue		$	14,257			$	14,197			$	29,429			$	25,603
Cost of sales			12,083				12,171				24,882				22,178
Gross profit			2,174				2,026				4,547				3,425
Selling and administrative expenses			930				821				1,794				1,744
Operating income			1,244				1,205				2,753				1,681
Other expense, net (1)			(115	)			(134	)			(156	)			(261	)
Income before income taxes			1,129				1,071				2,597				1,420
Provision for income taxes			(95	)			112				332				149
Net income		$	1,224			$	959			$	2,265			$	1,271
Net earnings per common share:
Basic		$	0.04			$	0.03			$	0.08			$	0.04
Diluted		$	0.04			$	0.03			$	0.07			$	0.04
Weighted average common shares outstanding:
Basic			29,658,661				29,565,943				29,652,302				29,565,943
Diluted			32,099,504				30,590,963				31,967,036				30,608,243

⁽¹⁾ Includes interest expense of $79, $109, $155 and $233 and unrealized losses on investments, a non-cash item, of $44, $31, $73 and $55, 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 market and related products and services, risks associate with the outbreak and continued spread of COVID-19, the Company's ability to maintain the qualitative and quantitative continued trading qualifications of 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 Q2 2020 revenue figures?

The revenue for Q2 2020 was $14.3 million, a 0.7% increase from Q2 2019.

How much did Integrated BioPharma earn in net income for the quarter ended December 31, 2020?

The net income for the quarter was $1.2 million, or $0.04 per share.

What was the revenue growth for Integrated BioPharma in the first half of 2020?

Revenue for the six months ended December 31, 2020, rose 14.8% to $29.4 million.

What percentage of Integrated BioPharma's revenue came from its top customers?

Approximately 92% of total revenue came from two significant customers.