Integrated BioPharma Reports Results for its Quarter Ended September 30, 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 $0.01 per share of common stock for the quarter ended September 30, 2018.
“We are excited to report that our revenue increased by approximately 11% in the quarter ended September 30, 2019 and that our revenue from our two significant customers in our Contract Manufacturing Segment remained consistent; representing approximately 91% and 89% of total revenue in the quarters ended September 30, 2019 and 2018, respectively,” said Riva Sheppard, Co-Chief Executive Officer of the Company.
A summary of our financial results for the three months ended September 30, 2019 follows:
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INTEGRATED BIOPHARMA, INC. AND SUBSIDIARIES
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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
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(In thousands, except share and per share amounts)
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(unaudited)
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Three Months Ended | |||||||
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September 30, | |||||||
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2019 | 2018 | ||||||
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Total revenue
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$ | 11,406 | $ | 10,304 | ||||
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Cost of sales
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10,007 | 9,085 | ||||||
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Gross profit
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1,399 | 1,219 | ||||||
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Selling and administrative expenses
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923 | 814 | ||||||
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Operating income
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476 | 405 | ||||||
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Other expense, net (1)
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(127 | ) | (191 | ) | ||||
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Income before income taxes
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349 | 214 | ||||||
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Income tax expense, net
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37 | 55 | ||||||
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Net income
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$ | 312 | $ | 159 | ||||
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Net income per common share:
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Basic
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$ | 0.01 | $ | 0.01 | ||||
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Diluted
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$ | 0.01 | $ | 0.01 | ||||
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Weighted average common shares outstanding:
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Basic
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29,565,943 | 27,218,786 | ||||||
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Diluted
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30,724,633 | 27,963,604 | ||||||
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(1) Includes interest expense of $124 and $200, respectively.
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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
