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

Rhea-AI Summary

Integrated BioPharma (INBP) reported a 25.2% revenue increase for Q1 2021, totaling $17.1 million compared to Q1 2020. For the nine-month period, revenue reached $46.5 million, up 18.6% year-over-year. Operating income also rose from $1.0 million to $1.7 million for Q1, and net income increased from $0.9 million to $1.2 million during the same period. The company emphasized the consistency of revenue from its major customers, contributing 92% to total revenue.

Positive

• Revenue increased by 25.2% in Q1 2021 compared to Q1 2020.
• Net income rose to $1.2 million in Q1 2021 from $0.9 million in Q1 2020.
• Year-to-date revenue for nine months was $46.5 million, an 18.6% increase.

Negative

• None.

HILLSIDE, NJ / ACCESSWIRE / May 13, 2021 / Integrated BioPharma, Inc. ((OTCQX:INBP)) (the "Company" or "INBP") reports its financial results for the quarter ended March 31, 2021.

Revenue for the quarter ended March 31, 2021 was $17.1 million compared to $13.6 million for the quarter ended March 31, 2020, an increase of $3.4 million or 25.2%. The Company had operating income of $1.7 million and $1.0 million in the quarters ended March 31, 2021 and 2020, respectively.

Revenues for the nine-month period ended March 31, 2021 were $46.5 million compared to $39.2 million for the nine-month period ended March 31, 2020, an increase of $7.3 million or 18.6%. The Company had operating income for the nine-month period ended March 31, 2021 of $4.5 million compared to operating income of $2.6 million for the nine-month period ended March 31, 2020.

For the quarter ended March 31, 2021, the Company had net income of $1.2 million or $0.04 per share of common stock, compared with net income of $0.9 million or $0.03 per share of common stock for the quarter ended March 31, 2020. The Company's diluted net income per share of common stock for the quarters ended March 31, 2021 and 2020 were $0.04 and $0.03 per share of common stock, respectively.

For the nine-month period ended March 31, 2021, the Company had net income of $3.5 million or $0.12 per share of common stock, compared with net income of $2.7 million or $0.07 per share of common stock for the nine-month period ended March 31, 2020. The Company's diluted net income per share of common stock for the nine-month periods ended March 31, 2021 and 2020 were $0.11 and $0.07 per share of common stock, respectively.

"We are excited to report that our revenue increased by approximately 19% in the nine-month period ended March 31, 2021 from the prior nine-month period ended March 31, 2020 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 nine-month periods ended March 31, 2021 and 2020," stated the Co-Chief Executive Officers of the Company, Riva Sheppard and Christina Kay.

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

		Three Months Ended								Nine Months Ended
		March 31,								March 31,
		2021				2020				2021				2020
Total revenue		$	17,072			$	13,631			$	46,501			$	39,234
Cost of sales			14,411				11,779				39,293				33,957
Gross profit			2,661				1,852				7,208				5,277
Selling and administrative expenses			942				892				2,736				2,636
Operating income			1,719				960				4,472				2,641
Other expense, net (1)			(13)				43				(169)				(218)
Income before income taxes			1,706				1,003				4,303				2,423
Provision for income taxes			465				67				797				216
Net income		$	1,241			$	936			$	3,506			$	2,207
Net earnings per common share:
Basic		$	0.04			$	0.03			$	0.12			$	0.07
Diluted		$	0.04			$	0.03			$	0.11			$	0.07
Weighted average common shares outstanding:
Basic			29,709,992				29,565,943				29,671,251				29,565,943
Diluted			32,863,638				30,885,323				32,445,415				30,679,252

⁽¹⁾ Includes interest expense of $58, $96, $213 and $329 and unrealized gain (loss) on investment, a non-cash item, of $22, $90, $(51) and $35, 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 financial results for Q1 2021?

Integrated BioPharma reported revenues of $17.1 million for Q1 2021, a 25.2% increase from $13.6 million in Q1 2020, with a net income of $1.2 million.

What is Integrated BioPharma's stock symbol?

Integrated BioPharma trades under the stock symbol INBP.

How much did Integrated BioPharma earn per share in Q1 2021?

The company reported earnings of $0.04 per share in Q1 2021.

What were the revenue figures for Integrated BioPharma for the nine months ended March 31, 2021?

For the nine-month period ended March 31, 2021, Integrated BioPharma reported revenues of $46.5 million, an 18.6% increase from the prior year.