Golden Cross
5 years ago
Integrated BioPharma Reports Results for its Quarter Ended September 30, 2019
Press Release | 11/13/2019
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
Talc Moan
10 years ago
Investment in iBio, Inc. The Company accounts for its investment in iBio, Inc. (βiBioβ) common stock on the cost basis as it retained approximately 6% of its interest in iBio (1,266,706 common shares) (the βiBio Stockβ) at the time of the spin-off of this subsidiary in August 2008. The Company reviews its investment in iBio for impairment and records a loss when there is deemed to be an impairment of the investment. There were impairment charges of $152 and $139 recorded in the fiscal years ended June 30, 2014 and 2013, respectively. The market value of the iBio Stock as of June 30, 2014, was approximately $0.5 million. Pursuant to the Companyβs Loan Agreement with PNC Bank, National Association (βPNCβ), the Company is required to sell the iBio Stock when the trading price of the iBio Stock is less than $0.88 per share for a period of fifteen (15) consecutive trading days on the applicable exchange and utilize all proceeds from such sale to prepay the outstanding principal of the term loan outstanding under the Loan Agreement at such time. In the fiscal years ended June 30, 2014 and 2013, the trading price of the iBio Stock was less than $0.88 for a period of fifteen (15) consecutive trading days. (See Note 6. Senior Credit Facility, Subordinated Convertible Note Payable, net - CD Financial, LLC and other Long Term Debt). As of September 8, 2014, the Company has not sold any shares of the iBio Stock.
Looks like they are gonna be CASH HEAVY soon LOL!