Integrated BioPharma Inc (INBP)

[Golden Cross]

Integrated BioPharma Reports Results for its Quarter Ended September 30, 2019
Press Release | 11/13/2019
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.
SOURCE: Integrated BioPharma, Inc.



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