Integrated BioPharma Reports Results for its Quarter Ended March 31, 2024
Integrated BioPharma, Inc. reports its financial results for the quarter ended March 31, 2024. Revenue remained stable between 2023 and 2024 at $13.1 million. The Company experienced an operating income increase from $44,000 to $0.4 million in the same period. However, for the nine-month period, revenue decreased slightly by 0.3% to $37.6 million, with an operating loss of $0.2 million compared to operating income of $41,000 in the previous year. Net income per share rose to $0.01 from $0.00 in the quarter ended March 31, 2023, but the nine-month period saw a net loss of $0.2 million compared to $74,000 in the previous year. The Company aims to reduce reliance on two major customers in the future.
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HILLSIDE, NJ / ACCESSWIRE / May 10, 2024 / Integrated BioPharma, Inc. (OTCQX:INBP) (the "Company" or "INBP") reports its financial results for the quarter ended March 31, 2024.
Revenue for each of the quarters ended March 31, 2024 and 2023 were approximately
Revenue for the nine-month period ended March 31, 2024 was
For the quarter ended March 31, 2024, the Company had net income of approximately
For the nine-month periods ended March 31, 2024 and 2023, the Company had a net loss of approximately
"Our revenue from our two largest customers in our Contract Manufacturing Segment increased from representing approximately
A summary of our financial results for the three months and nine months ended March 31, 2024 and 2023 follows:
INTEGRATED BIOPHARMA, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except share and per share amounts)
(Unaudited)
| Three Months Ended | Nine Months Ended | |||||||||||||||
| March 31, | March 31, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
Total revenue | $ | 13,147 | $ | 13,098 | $ | 37,571 | $ | 37,678 | ||||||||
Cost of sales | 11,899 | 12,090 | 34,971 | 34,603 | ||||||||||||
Gross profit | 1,248 | 1,008 | 2,600 | 3,075 | ||||||||||||
Selling and administrative expenses | 893 | 964 | 2,751 | 3,034 | ||||||||||||
Operating income (loss) | 355 | 44 | (151 | ) | 41 | |||||||||||
Other income (expense), net | (3 | ) | 2 | 5 | (24 | ) | ||||||||||
Income (loss) before income taxes | 352 | 46 | (146 | ) | 17 | |||||||||||
Income tax expense, net | (67 | ) | (30 | ) | (10 | ) | (91 | ) | ||||||||
Net income (loss) | $ | 285 | $ | 16 | $ | (156 | ) | $ | (74 | ) | ||||||
Net earnings per common share: | ||||||||||||||||
Basic | $ | 0.01 | $ | 0.00 | $ | (0.01 | ) | $ | (0.00 | ) | ||||||
Diluted | $ | 0.01 | $ | 0.00 | $ | (0.01 | ) | $ | (0.00 | ) | ||||||
Weighted average common shares outstanding: | ||||||||||||||||
Basic | 30,099,610 | 29,949,610 | 30,054,883 | 29,949,610 | ||||||||||||
Diluted | 30,764,222 | 31,463,309 | 30,054,883 | 29,949,610 | ||||||||||||
About Integrated BioPharma Inc. (INBP)
Integrated BioPharma, Inc. ("INBP") is engaged primarily in the business of 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; inflation and the tightened labor markets; the impact of the war in Ukraine; the impact of the Israel-Hamas war; our ability to expand our customer base 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:
Contact: Dina Masi, CFO
Integrated BioPharma, Inc.
investors@ibiopharma.com
888.319.6962
SOURCE: Integrated BioPharma, Inc.
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