HILLSIDE, NJ / ACCESSWIRE / May 12, 2022 / Integrated BioPharma, Inc. (OTCQX:INBP) (the "Company" or "INBP") reports its financial results for the fiscal quarter ended March 31, 2022.
Revenue for the three-month period ended March 31, 2022 was $15.6 million compared to $17.1 million for the three-month period ended March 31, 2021, a decrease of $1.5 million or 8.4%. The Company had operating income for the three-month periods ended March 31, 2022 and 2021 of $1.0 million and $1.7 million, respectively.
Revenue for the nine-month period ended March 31, 2022 was $43.0 million compared to $46.5 million for the nine-month period ended March 31, 2021, a decrease of $3.5 million or 7.6%. The Company had operating income for the nine-month period ended March 31, 2022 of $2.3 million compared to operating income of $4.5 million for the nine-month period ended March 31, 2021.
For the three-month period ended March 31, 2022, the Company had net income of $0.8 million or $0.03 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 March 31, 2021. The Company's diluted net income per share of common stock for the three-month periods ended March 31, 2022 and 2021 were $0.03 and $0.04 per share of common stock, respectively.
For the nine-month period ended March 31, 2022, the Company had net income of $2.3 million or $0.08 per share of common stock, compared with net income of $3.5 million or $0.12 per share of common stock for the nine months ended March 31, 2021. The Company's diluted net income per share of common stock for the nine months ended March 31, 2022 and 2021 were $0.07 and $0.11 per share of common stock, respectively.
"While our revenue decreased by approximately 8% in the nine-month period ended March 31, 2022 from nine-month period ended March 31, 2021, our revenue from our two largest customers in our Contract Manufacturing Segment remained consistent; representing approximately 91% and 92% of total revenue in the nine-month period ended March 31, 2022 and 2021, respectively," stated the Co-Chief Executive Officers of the Company, Riva Sheppard and Christina Kay. "Revenue in the nine-month period ended March 31, 2022 was lower than the nine-month period ended March 31, 2021 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 revenues for the nine-month period ended March 31, 2021", the Co-CEO's further stated.
A summary of our financial results for the Three Months and Nine Months Ended March 31, 2022 and 2021 follows:
INTEGRATED BIOPHARMA, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except share and per share amounts)
(Unaudited)
| Three Months Ended | Nine Months Ended | |||||||||||||||
| March 31, | March 31, | |||||||||||||||
| 2022 | 2021 | 2022 | 2021 | |||||||||||||
Total revenue | $ | 15,634 | $ | 17,072 | $ | 42,979 | $ | 46,501 | ||||||||
Cost of sales | 13,652 | 14,411 | 37,823 | 39,293 | ||||||||||||
Gross profit | 1,982 | 2,661 | 5,156 | 7,208 | ||||||||||||
Selling and administrative expenses | 990 | 942 | 2,849 | 2,736 | ||||||||||||
Operating income | 992 | 1,719 | 2,307 | 4,472 | ||||||||||||
Other expense, net (1) | (32 | ) | (13 | ) | (117 | ) | (169 | ) | ||||||||
Income before income taxes | 960 | 1,706 | 2,190 | 4,303 | ||||||||||||
Income tax benefit (expense), net | (163 | ) | (465 | ) | 154 | (797 | ) | |||||||||
Net income | $ | 797 | $ | 1,241 | $ | 2,344 | $ | 3,506 | ||||||||
Net earnings per common share: | ||||||||||||||||
Basic | $ | 0.03 | $ | 0.04 | $ | 0.08 | $ | 0.12 | ||||||||
Diluted | $ | 0.03 | $ | 0.04 | $ | 0.07 | $ | 0.11 | ||||||||
Weighted average common shares outstanding: | ||||||||||||||||
Basic | 29,821,138 | 29,709,992 | 29,826,321 | 29,671,251 | ||||||||||||
Diluted | 32,360,398 | 32,863,632 | 32,413,829 | 32,445,415 | ||||||||||||
(1) Includes interest expense of $30, $58, $104 and $213 and unrealized (loss) gain on investments, a non-cash item, of $(6), $22, $(48) and $(51), 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 associated with the outbreak and continuing spread of COVID-19, general economic uncertainties resulting from the war in Ukraine, 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.
[email protected]
888.319.6962
SOURCE: Integrated BioPharma, Inc.