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Friday, February 11, 2005 8:06:56 PM
INB news. ($7 stock. Think this will stay up?)
Press Release Source: Integrated BioPharma, Inc.
Integrated BioPharma Reports Second Quarter and Six Month Financial Results
Friday February 11, 6:54 pm ET
HILLSIDE, N.J., Feb. 11 /PRNewswire-FirstCall/ -- Integrated BioPharma, Inc. (Amex: INB - News) announced its financial results for the second quarter and the six months ended December 31, 2004.
Revenues increased approximately six percent to $12,535,544 from $11,829,832 for the six months ended December 31, 2004 and 2003 respectively. Total net loss for the six months ended December 31, 2004, was $5,715,877 or $0.46 per share on 12,555,560 shares outstanding compared to a loss of $1,313,046 or $0.13 per share on 10,413,649 shares outstanding for the comparable quarter of last year. The $4.4 million increase in net loss for the six months was due to a cash dividend of $247,014 to preferred stockholders and a $1,166,000 non-cash deemed preferred stock dividend, an approximate $800,000 increase in operating loss in the Paxis Pharmaceutical Inc. subsidiary, a $600,000 operating loss in the newly acquired Hauser CRO subsidiary and an increase in various selling and administrative expenses including consulting and professional fees, advertising and salaries.
Second quarter revenues decreased approximately six percent to $6,419,508 from $6,849,826 for the same period a year ago. The Company's net loss was $3,257,758 for the second quarter of 2004 as compared to $461,751. The $2.8 million increase in net loss can be attributed to a $1 million increase in operating loss in the Paxis Pharmaceuticals, Inc. subsidiary, a $600,000 operating loss in the newly acquired Hauser CRO subsidiary, and increases in selling and administrative expenses including consulting and professional fees, advertising and salaries.
On February 10, 2005 the Company received an additional $2.5 million cash payment as part of a previously disclosed class action lawsuit on behalf of direct purchasers of vitamin products.
Financial results for the six months ended December 31, 2004:
For the Six Months Ended
December 31, December 31,
2004 2003
Total Revenue $12,535,544 $11,829,832
Cost of Sales 11,466,891 8,766,979
Gross Profit 1,068,653 3,062,853
Paxis Pharmaceuticals, Inc. Start Up Costs -- 1,671,354
Selling and Administrative Expenses 5,413,283 2,684,713
Total Selling and Administrative Expenses 5,413,283 4,356,067
Pretax Operating (Loss) (4,344,630) (1,293,214)
Other Income (Expense) 39,880 244,293
(Loss) Before Income Taxes and minority
interest (4,304,750) (1,048,921)
Provision for Income Taxes (22,873) 74,125
Net (Loss) before minority interest (4,281,877) (1,123,046)
Minority interest in income of consolidated
subsidiary (20,986) --
Net [Loss] (4,302,863) (1,123,046)
Accretion of Preferred Stock Dividends -- (190,000)
Non-cash deemed dividend on Preferred
Stock (1) (1,166,000) --
Preferred Stock Dividend (2) (247,014) --
Net Loss applicable to common shareholders $(5,715,877) $(1,313,046)
Diluted EPS $(0.46) $(0.13)
Average Common Shares
Outstanding-fully diluted 12,555,560 10,413,649
Financial results for the quarter ended December 31, 2004:
For the Three Months Ended
December 31, December 31,
2004 2003
Total Revenue $6,419,508 $6,849,826
Cost of Sales 5,867,380 4,804,299
Gross Profit 552,128 2,045,527
Paxis Pharmaceuticals, Inc. Start Up Costs -- 1,051,047
Selling and Administrative Expenses 3,110,346 1,421,646
Total Selling and Administrative Expenses 3,110,346 2,472,693
Pretax Operating (Loss) (2,558,218) (427,166)
Other Income (Expense) 5,333 157,715
(Loss) Before Income Taxes and minority
interest (2,552,885) (269,451)
Provision for Income Taxes (22,620) 97,300
Net (Loss) before minority interest (2,530,265) (366,751)
Minority interest in income of consolidated
subsidiary (20,986) --
Net [Loss] (2,551,251) (366,751)
Accretion of Preferred Stock Dividends -- (95,000)
Non-cash deemed dividend on Preferred
Stock(1) (583,000) --
Preferred Stock Dividend (2) (123,507) --
Net Loss applicable to common shareholders $(3,257,758) $(461,751)
Diluted EPS $(0.26) $(0.04)
Average Common Shares
Outstanding-fully diluted 12,570,124 10,521,942
(1) Non-cash deemed dividend for preferred shareholders associated with
the amortization of beneficial conversion feature and accretion of
redemption value of Series B redeemable convertible preferred stock.
(2) 7 percent dividend on Series B redeemable convertible preferred
stock.
About Integrated BioPharma Inc (INB)
INB serves the pharmaceutical, biotech and nutraceutical industries. INB's biotech subsidiary, INB:Biotechnologies, Inc. is developing human therapeutics and preventive compounds using a transient gene expression system and transgenic plant technology. INB's pharmaceutical subsidiary, Paxis Pharmaceuticals, Inc., develops and operates a state-of-the-art GMP facility for the production and sale of paclitaxel and related drugs. INB's nutraceutical subsidiary, Manhattan Drug, develops, manufactures and distributes more than 130 products worldwide. Further information is available at www.iBioPharma.com.
Statements included in this release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements involve a number of risks and uncertainties such as competitive factors, technological development, market demand, and the company's ability to obtain new contracts and accurately estimate net revenues due to variability in size, scope and duration of projects, and internal issues in the sponsoring client. Further information on potential risk factors that could affect the company's financial results can be found in the company's Reports filed with the Securities and Exchange Commission.
For further information please contact: investors, Michael Mason, +1-212-691-8087, michaelm@allencaron.com, or media, Brian Kennedy, brian@allencaron.com, both of Allen & Caron Inc., for Integrated BioPharma, Inc.; or Eric Friedman, CFO of Integrated BioPharma, Inc., +1-888-319-6962, e.friedman@chemintl.com
--------------------------------------------------------------------------------
Source: Integrated BioPharma, Inc.
Press Release Source: Integrated BioPharma, Inc.
Integrated BioPharma Reports Second Quarter and Six Month Financial Results
Friday February 11, 6:54 pm ET
HILLSIDE, N.J., Feb. 11 /PRNewswire-FirstCall/ -- Integrated BioPharma, Inc. (Amex: INB - News) announced its financial results for the second quarter and the six months ended December 31, 2004.
Revenues increased approximately six percent to $12,535,544 from $11,829,832 for the six months ended December 31, 2004 and 2003 respectively. Total net loss for the six months ended December 31, 2004, was $5,715,877 or $0.46 per share on 12,555,560 shares outstanding compared to a loss of $1,313,046 or $0.13 per share on 10,413,649 shares outstanding for the comparable quarter of last year. The $4.4 million increase in net loss for the six months was due to a cash dividend of $247,014 to preferred stockholders and a $1,166,000 non-cash deemed preferred stock dividend, an approximate $800,000 increase in operating loss in the Paxis Pharmaceutical Inc. subsidiary, a $600,000 operating loss in the newly acquired Hauser CRO subsidiary and an increase in various selling and administrative expenses including consulting and professional fees, advertising and salaries.
Second quarter revenues decreased approximately six percent to $6,419,508 from $6,849,826 for the same period a year ago. The Company's net loss was $3,257,758 for the second quarter of 2004 as compared to $461,751. The $2.8 million increase in net loss can be attributed to a $1 million increase in operating loss in the Paxis Pharmaceuticals, Inc. subsidiary, a $600,000 operating loss in the newly acquired Hauser CRO subsidiary, and increases in selling and administrative expenses including consulting and professional fees, advertising and salaries.
On February 10, 2005 the Company received an additional $2.5 million cash payment as part of a previously disclosed class action lawsuit on behalf of direct purchasers of vitamin products.
Financial results for the six months ended December 31, 2004:
For the Six Months Ended
December 31, December 31,
2004 2003
Total Revenue $12,535,544 $11,829,832
Cost of Sales 11,466,891 8,766,979
Gross Profit 1,068,653 3,062,853
Paxis Pharmaceuticals, Inc. Start Up Costs -- 1,671,354
Selling and Administrative Expenses 5,413,283 2,684,713
Total Selling and Administrative Expenses 5,413,283 4,356,067
Pretax Operating (Loss) (4,344,630) (1,293,214)
Other Income (Expense) 39,880 244,293
(Loss) Before Income Taxes and minority
interest (4,304,750) (1,048,921)
Provision for Income Taxes (22,873) 74,125
Net (Loss) before minority interest (4,281,877) (1,123,046)
Minority interest in income of consolidated
subsidiary (20,986) --
Net [Loss] (4,302,863) (1,123,046)
Accretion of Preferred Stock Dividends -- (190,000)
Non-cash deemed dividend on Preferred
Stock (1) (1,166,000) --
Preferred Stock Dividend (2) (247,014) --
Net Loss applicable to common shareholders $(5,715,877) $(1,313,046)
Diluted EPS $(0.46) $(0.13)
Average Common Shares
Outstanding-fully diluted 12,555,560 10,413,649
Financial results for the quarter ended December 31, 2004:
For the Three Months Ended
December 31, December 31,
2004 2003
Total Revenue $6,419,508 $6,849,826
Cost of Sales 5,867,380 4,804,299
Gross Profit 552,128 2,045,527
Paxis Pharmaceuticals, Inc. Start Up Costs -- 1,051,047
Selling and Administrative Expenses 3,110,346 1,421,646
Total Selling and Administrative Expenses 3,110,346 2,472,693
Pretax Operating (Loss) (2,558,218) (427,166)
Other Income (Expense) 5,333 157,715
(Loss) Before Income Taxes and minority
interest (2,552,885) (269,451)
Provision for Income Taxes (22,620) 97,300
Net (Loss) before minority interest (2,530,265) (366,751)
Minority interest in income of consolidated
subsidiary (20,986) --
Net [Loss] (2,551,251) (366,751)
Accretion of Preferred Stock Dividends -- (95,000)
Non-cash deemed dividend on Preferred
Stock(1) (583,000) --
Preferred Stock Dividend (2) (123,507) --
Net Loss applicable to common shareholders $(3,257,758) $(461,751)
Diluted EPS $(0.26) $(0.04)
Average Common Shares
Outstanding-fully diluted 12,570,124 10,521,942
(1) Non-cash deemed dividend for preferred shareholders associated with
the amortization of beneficial conversion feature and accretion of
redemption value of Series B redeemable convertible preferred stock.
(2) 7 percent dividend on Series B redeemable convertible preferred
stock.
About Integrated BioPharma Inc (INB)
INB serves the pharmaceutical, biotech and nutraceutical industries. INB's biotech subsidiary, INB:Biotechnologies, Inc. is developing human therapeutics and preventive compounds using a transient gene expression system and transgenic plant technology. INB's pharmaceutical subsidiary, Paxis Pharmaceuticals, Inc., develops and operates a state-of-the-art GMP facility for the production and sale of paclitaxel and related drugs. INB's nutraceutical subsidiary, Manhattan Drug, develops, manufactures and distributes more than 130 products worldwide. Further information is available at www.iBioPharma.com.
Statements included in this release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements involve a number of risks and uncertainties such as competitive factors, technological development, market demand, and the company's ability to obtain new contracts and accurately estimate net revenues due to variability in size, scope and duration of projects, and internal issues in the sponsoring client. Further information on potential risk factors that could affect the company's financial results can be found in the company's Reports filed with the Securities and Exchange Commission.
For further information please contact: investors, Michael Mason, +1-212-691-8087, michaelm@allencaron.com, or media, Brian Kennedy, brian@allencaron.com, both of Allen & Caron Inc., for Integrated BioPharma, Inc.; or Eric Friedman, CFO of Integrated BioPharma, Inc., +1-888-319-6962, e.friedman@chemintl.com
--------------------------------------------------------------------------------
Source: Integrated BioPharma, Inc.
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