HILLSIDE, NJ / ACCESSWIRE / November 10, 2022 / Integrated BioPharma, Inc. (OTCQX:INBP) (the "Company" or "INBP") reports its financial results for the quarter ended September 30, 2022.
Revenue for the quarter ended September 30, 2022 was $12.3 million compared to $12.8 million for the quarter ended September 30, 2021, a decrease of $0.5 million or approximately 3.1%. The Company had operating income for the quarter ended September 30, 2022 of $30,000 compared to operating income of approximately $585,000 for the quarter ended September 30, 2021.
For the quarter ended September 30, 2022, the Company had a net loss of approximately $35,000 or $0.00 per share of common stock, compared with net income of $516,000 or $0.02 per share of common stock for the quarter ended September 30, 2021. The Company's diluted net income per share of common stock for the quarters ended September 30, 2022 and 2021 were $0.00 and $0.02 per share of common stock, respectively.
"Our revenue decreased by approximately 3% in the quarter ended September 30, 2022 from the quarter ended September 30, 2021 and our revenue from our two largest customers in our Contract Manufacturing Segment represented approximately 85% and 91% of total revenue in the quarters ended September 30, 2022 and 2021, respectively," stated the Co-Chief Executive Officers of the Company, Riva Sheppard and Christina Kay. "We believe the impacts of overstocking by our customers during the pandemic continued to contribute to the decline in our sales coming into our fiscal year ending June 30, 2023. As the share of revenues declined from our two largest customers in our Contract Manufacturing Segment, we were able to offset some of the decreased sales volumes with increased sales to our other customers" the Co-CEOs further stated.
A summary of our financial results for the three months ended September 30, 2022 and 2021 follows:
INTEGRATED BIOPHARMA, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except share and per share amounts)
(unaudited)
| Three Months Ended | ||||||||
| September 30, | ||||||||
| 2022 | 2021 | |||||||
Total revenue | $ | 12,326 | $ | 12,751 | ||||
Cost of sales | 11,329 | 11,327 | ||||||
Gross profit | 997 | 1,424 | ||||||
Selling and administrative expenses | 967 | 839 | ||||||
Operating income | 30 | 585 | ||||||
Other expense, net (1) | (14 | ) | (46 | ) | ||||
Income before income taxes | 16 | 539 | ||||||
Income tax expense, net | (51 | ) | (23 | ) | ||||
Net (loss) income | $ | (35 | ) | $ | 516 | |||
Net (loss) income per common share: | ||||||||
Basic | $ | (0.00 | ) | $ | 0.02 | |||
Diluted | $ | (0.00 | ) | $ | 0.02 | |||
Weighted average common shares outstanding: | ||||||||
Basic | 29,949,610 | 29,817,919 | ||||||
Diluted | 29,949,610 | 32,599,896 | ||||||
(1) Includes interest expense of $13 and $32, 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 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; the impact of the COVID-19 pandemic; the impact of the war in Ukraine 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.