Integrated BioPharma Reports Results for its Quarter Ended September 30, 2020
Rhea-AI Summary
Integrated BioPharma (OTCQB:INBP) announces a strong financial performance for Q3 2020, reporting revenue of $15.2 million, a significant increase of 33% from $11.4 million in Q3 2019. The company achieved an operating income of $1.5 million and a net income of $1.0 million ($0.04 per share), up from $0.3 million ($0.01 per share) the previous year. Notably, revenue from key customers remained stable, constituting 92% of total revenue. Eric Friedman joins the Board as a Class III director, contributing to future strategic developments.
Positive
- Revenue increased by 33% to $15.2 million compared to $11.4 million in Q3 2019.
- Operating income rose to $1.5 million from $0.5 million in Q3 2019.
- Net income improved to $1.0 million ($0.04 per share) versus $0.3 million ($0.01 per share) in the previous year.
- Major customers continued to provide consistent revenue, representing 92% of total revenue.
Negative
- None.
News Market Reaction – INBP
On the day this news was published, INBP gained 33.33%, reflecting a significant positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
HILLSIDE, NJ / ACCESSWIRE / November 12, 2020 / Integrated BioPharma, Inc. (OTCQB:INBP) (the "Company" or "INBP") reports its financial results for the quarter ended September 30, 2020.
Revenue for the quarter ended September 30, 2020 was
For the quarter ended September 30, 2020, the Company had net income of
"We are excited to report that our revenue increased by approximately
Mrs. Sheppard and Ms. Kay further stated, "we are also pleased that Eric Friedman has filled the vacancy on our Board of Directors as a Class III director and look forward to working with him as a member of our Board of Directors."
A summary of our financial results for the three months ended September 30, 2020 follows:
INTEGRATED BIOPHARMA, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except share and per share amounts)
(unaudited)
| Three Months Ended | ||||||||
| September 30, | ||||||||
| 2020 | 2019 | |||||||
Total revenue | $ | 15,172 | $ | 11,406 | ||||
Cost of sales | 12,799 | 10,007 | ||||||
Gross profit | 2,373 | 1,399 | ||||||
Selling and administrative expenses | 864 | 923 | ||||||
Operating income | 1,509 | 476 | ||||||
Other expense, net (1) | (41) | (127) | ||||||
Income before income taxes | 1,468 | 349 | ||||||
Income tax expense, net | 427 | 37 | ||||||
Net income | $ | 1,041 | $ | 312 | ||||
Net income per common share: | ||||||||
Basic | $ | 0.04 | $ | 0.01 | ||||
Diluted | $ | 0.03 | $ | 0.01 | ||||
Weighted average common shares outstanding: | ||||||||
Basic | 29,645,943 | 29,565,943 | ||||||
Diluted | 31,713,076 | 30,724,633 | ||||||
(1) Includes interest expense of
About Integrated BioPharma Inc. (INBP)
Integrated BioPharma, Inc. is engaged primarily in manufacturing, distributing, marketing and sales of vitamins, nutritional supplements and herbal products. Further information is available at www.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 developments in the market and related products and services, risks associate with the outbreak and continued spread of COVID-19 and other risks and uncertainties described in the section entitled "Risk Factors" in INBP's most recent Annual Report on Form 10-K. 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.
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