Integrated BioPharma Reports Results for Its Quarter and Fiscal Year Ended June 30, 2024
Rhea-AI Summary
Integrated BioPharma (OTCQX:INBP) reported its financial results for the quarter and fiscal year ended June 30, 2024. Quarterly revenue was $12.7 million, a 2.3% decrease from $13.0 million in the same period in 2023. Quarterly operating income rose to $402,000 from $79,000. Fiscal year revenue was $50.3 million, down 0.7% from $50.7 million in 2023. Fiscal year operating income increased to $0.3 million from $0.1 million. Quarterly net income was $0.3 million or $0.01 per share, compared to $40,000 or $0.00 per share in the previous year. Fiscal year net income was $112,000 or $0.00 per share, versus a net loss of $34,000 or $0.00 per share last year. The company highlighted consistent revenue from its top two customers in the Contract Manufacturing Segment, representing 90% and 89% of total revenue in 2024 and 2023, respectively. The Co-CEOs expressed optimism about new prospects in contract manufacturing and warehousing and distribution.
Positive
- Operating income for the quarter increased to $402,000 from $79,000.
- Fiscal year operating income rose to $0.3 million from $0.1 million.
- Quarterly net income increased to $0.3 million or $0.01 per share from $40,000 or $0.00 per share.
- Fiscal year net income was $112,000 compared to a net loss of $34,000.
Negative
- Quarterly revenue decreased by 2.3% to $12.7 million.
- Fiscal year revenue slightly declined by 0.7% to $50.3 million.
News Market Reaction 1 Alert
On the day this news was published, INBP gained 9.61%, reflecting a notable positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
HILLSIDE, NJ / ACCESSWIRE / September 20, 2024 / Integrated BioPharma, Inc. (OTCQX:INBP) (the "Company" or "INBP") reports its financial results for the quarter and fiscal year ended June 30, 2024.
Revenue for the quarter ended June 30, 2024 was
Revenues for the fiscal year ended June 30, 2024 were
For the quarter ended June 30, 2024, the Company had net income of approximately
For the fiscal year ended June 30, 2024, the Company had net income of approximately
"While our revenue decreased by less than
A summary of our financial results for the three months and fiscal years ended June 30, 2024 and 2023 follows:
INTEGRATED BIOPHARMA, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except share and per share amounts)
(unaudited)
| Three Months Ended |
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| Fiscal Year Ended |
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| June 30, |
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| June 30, |
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| 2024 |
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| 2023 |
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| 2024 |
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| 2023 |
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Total revenue |
| $ | 12,746 |
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| $ | 12,994 |
|
| $ | 50,317 |
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| $ | 50,672 |
|
Cost of sales |
|
| 11,462 |
|
|
| 12,008 |
|
|
| 46,433 |
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| 46,611 |
|
Gross profit |
|
| 1,284 |
|
|
| 986 |
|
|
| 3,884 |
|
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| 4,061 |
|
Selling and administrative expenses |
|
| 882 |
|
|
| 907 |
|
|
| 3,633 |
|
|
| 3,941 |
|
Operating income |
|
| 402 |
|
|
| 79 |
|
|
| 251 |
|
|
| 120 |
|
Other income (expense), net |
|
| 12 |
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| 4 |
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| 17 |
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| (20 | ) |
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Income before income taxes |
|
| 414 |
|
|
| 83 |
|
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| 268 |
|
|
| 100 |
|
Income tax expense, net |
|
| 146 |
|
|
| 43 |
|
|
| 156 |
|
|
| 134 |
|
Net income (loss) |
| $ | 268 |
|
| $ | 40 |
|
| $ | 112 |
|
| $ | (34 | ) |
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Net income (loss) per common share: |
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Basic |
| $ | 0.01 |
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| $ | 0.00 |
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| $ | 0.00 |
|
| $ | (0.00 | ) |
Diluted |
| $ | 0.01 |
|
| $ | 0.00 |
|
| $ | 0.00 |
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| $ | (0.00 | ) |
Weighted average common shares outstanding: |
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Basic |
|
| 30,099,610 |
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|
| 29,949,610 |
|
|
| 30,066,003 |
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|
| 29,949,610 |
|
Diluted |
|
| 30,702,683 |
|
|
| 31,368,838 |
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| 30,873,681 |
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| 29,949,610 |
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About Integrated BioPharma Inc. (INBP)
Integrated BioPharma, Inc. ("INBP") is engaged primarily in the business of 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; inflation and the tightened labor markets; the impact of the war in Ukraine; the impact of the Israel-Hamas war; our ability to expand our customer base 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.
investors@ibiopharma.com
888.319.6962
SOURCE: Integrated BioPharma, Inc.
View the original press release on accesswire.com
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