Mon, 16 Dec 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.



View source version on accesswire.com:
https://www.accesswire.com/566451/Integrated-BioPharma-Reports-Results-for-its-Quarter-Ended-September-30-2019

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