Integrated BioPharma Reports Results for its Quarter Ended September 30, 2021
Integrated BioPharma, Inc. (OTCQX:INBP) reported a revenue of $12.8 million for the quarter ended September 30, 2021, down 16% from $15.2 million in the same quarter of 2020. Operating income fell to $0.6 million from $1.5 million. Net income also decreased to $0.5 million or $0.02 per share, compared to $1.0 million or $0.04 per share last year. The drop in revenue was attributed to reduced demand post-COVID surge, although the company maintained a stable client base, with two major customers accounting for 91% of sales.
- Revenue from the two largest customers remained consistent at approximately 91% of total revenue for both quarters.
- Cost of sales decreased from $12.8 million in Q3 2020 to $11.3 million in Q3 2021.
- Revenue decreased by $2.4 million or 16% compared to the same quarter in 2020.
- Net income declined from $1.0 million in Q3 2020 to $0.5 million in Q3 2021.
- Operating income dropped significantly from $1.5 million to $0.6 million.
HILLSIDE, NJ / ACCESSWIRE / November 10, 2021 / Integrated BioPharma, Inc. (OTCQX:INBP) (the "Company" or "INBP") reports its financial results for the quarter ended September 30, 2021.
Revenue for the quarter ended September 30, 2021 was
For the quarter ended September 30, 2021, the Company had net income of
"While our revenue decreased by approximately
A summary of our financial results for the three months ended September 30, 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 | ||||||||
| September 30, | ||||||||
| 2021 | 2020 | |||||||
Total revenue | $ | 12,751 | $ | 15,172 | ||||
Cost of sales | 11,327 | 12,799 | ||||||
Gross profit | 1,424 | 2,373 | ||||||
Selling and administrative expenses | 839 | 864 | ||||||
Operating income | 585 | 1,509 | ||||||
Other expense, net (1) | (46 | ) | (41 | ) | ||||
Income before income taxes | 539 | 1,468 | ||||||
Income tax expense, net | 23 | 427 | ||||||
Net income | $ | 516 | $ | 1,041 | ||||
Net income per common share: | ||||||||
Basic | $ | 0.02 | $ | 0.04 | ||||
Diluted | $ | 0.02 | $ | 0.03 | ||||
Weighted average common shares outstanding: | ||||||||
Basic | 29,817,919 | 29,645,943 | ||||||
Diluted | 32,599,896 | 31,713,076 | ||||||
(1) Includes interest expense of
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.co
888.319.6962
SOURCE: Integrated BioPharma, Inc.
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