Integrated BioPharma Reports Results for its Quarter Ended September 30, 2019

ACCESSWIRE
14 Nov 2019, 06:43 GMT+10

HILLSIDE, NJ / ACCESSWIRE / November 13, 2019 / Integrated BioPharma, Inc. (OTC BB:INBP) (the 'Company') reports it financial results for the quarter ended September 30, 2019.

Revenue for the quarter ended September 30, 2019 was $11.4 million compared to $10.3 million for the quarter ended September 30, 2018, an increase of $1.1 million or 10.7%. The Company had operating income for the quarter ended September 30, 2019 of $0.5 million compared to operating income of $0.4 million for the quarter ended September 30, 2018.

For the quarter ended September 30, 2019, the Company had net income and diluted net income of $0.3 million or $0.01 per share of common stock, compared with net income and diluted net income of $0.2 million or $0.01 per share of common stock for the quarter ended September 30, 2018.

'We are excited to report that our revenue increased by approximately 11% in the quarter ended September 30, 2019 and that our revenue from our two significant customers in our Contract Manufacturing Segment remained consistent; representing approximately 91% and 89% of total revenue in the quarters ended September 30, 2019 and 2018, respectively,' said Riva Sheppard, Co-Chief Executive Officer of the Company.

A summary of our financial results for the three months ended September 30, 2019 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,
	2019			2018

Total revenue	$	11,406		$	10,304
Cost of sales		10,007			9,085
Gross profit		1,399			1,219
Selling and administrative expenses		923			814
Operating income		476			405
Other expense, net ⁽¹⁾		(127	)		(191	)

Income before income taxes		349			214
Income tax expense, net		37			55
Net income	$	312		$	159

Net income per common share:
Basic	$	0.01		$	0.01
Diluted	$	0.01		$	0.01
Weighted average common shares outstanding:
Basic		29,565,943			27,218,786
Diluted		30,724,633			27,963,604



⁽¹⁾ Includes interest expense of $124 and $200, respectively.