INBP Integrated BioPharma Inc (QX)

001-31668	22-2407475
(COMMISSION FILE NUMBER)	(I.R.S. EMPLOYER IDENTIFICATION NO.)

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

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Title of each class	Trading Symbol(s)	Name of each exchange on which registered
None	None	None

99.1		Press Release dated May 10, 2024
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

Exhibit		Description
99.1		Press Release dated May 10, 2024
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

	INTEGRATED BIOPHARMA, INC.
Date: May 10, 2024	By:     /s/ Dina L Masi
	Dina L Masi
	Chief Financial Officer

 

 

 

 

NEWS RELEASE for May 10, 2024

 

Contact: Dina Masi, CFO

   Integrated BioPharma, Inc.

   investors@ibiopharma.com

   888.319.6962        

 

Integrated BioPharma Reports Results for its Quarter Ended March 31, 2024

 

HILLSIDE, NEW JERSEY (May 10, 2024) - Integrated BioPharma, Inc. (OTCQX: INBP) (the “Company” or “INBP”) reports its financial results for the quarter ended March 31, 2024.

 

Revenue for each of the quarters ended March 31, 2024 and 2023 were approximately $13.1 million.  The Company had operating income for the quarter ended March 31, 2024 and 2023 of approximately $0.4 million and $44,000, respectively.

 

Revenue for the nine-month period ended March 31, 2024 was $37.6 million compared to $37.7 million for the nine-month period ended March 31, 2023, a decrease of $0.1 million or 0.3%.  The Company had an operating loss of approximately $0.2 million for the nine-month period ended March 31, 2024 compared to operating income of approximately $41,000 in the nine-month period ended March 31, 2023.

 

For the quarter ended March 31, 2024, the Company had net income of approximately $0.3 million or $0.01 per share of common stock, compared with net income of $16,000 or $0.00 per share of common stock for the quarter ended March 31, 2023.  The Company’s basic and diluted net income per share of common stock for the quarters ended March 31, 2024 and 2023 was $0.01 and $0.00 per share of common stock, respectively.

 

For the nine-month periods ended March 31, 2024 and 2023, the Company had a net loss of approximately $0.2 million and $74,000, respectively. The Company’s basic and diluted net loss per share of common stock for the nine months ended March 31, 2024 and 2023 was $(0.01) and $(0.00) per share of common stock, respectively.

 

“Our revenue from our two largest customers in our Contract Manufacturing Segment increased from representing approximately 88% of total revenue in the nine-month period ended March 31, 2023, to representing approximately 90% of total revenue in the nine-month period ended March 31, 2024”, stated the Co-Chief Executive Officers of the Company, Riva Sheppard and Christina Kay.  “We will continue to focus on our core businesses and expanding our customer base.  We believe that this focus will reduce our reliance on our two significant customers in our fiscal year ending June 30, 2025,” the Co-CEOs further stated.

 

 

 

 

 

A summary of our financial results for the three and nine months ended March 31, 2024 and 2023 follows:

 

INTEGRATED BIOPHARMA, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except share and per share amounts)
(Unaudited)
				Three Months Ended								Nine Months Ended
				March 31,								March 31,
				2024				2023				2024				2023
Total revenue				$	13,147			$	13,098			$	37,571			$	37,678
Cost of sales					11,899				12,090				34,971				34,603
Gross profit					1,248				1,008				2,600				3,075
Selling and administrative expenses					893				964				2,751				3,034
Operating income (loss)					355				44				(151	)			41
Other income (expense), net					(3	)			2				5				(24	)
Income (loss) before income taxes					352				46				(146	)			17
Income tax (expense) benefit, net					(67	)			(30	)			(10	)			(91	)
Net income (loss)				$	285			$	16			$	(156	)		$	(74	)
Net income (loss) per common share:
Basic				$	0.01			$	0.00			$	(0.01	)		$	(0.00	)
Diluted				$	0.01			$	0.00			$	(0.01	)		$	(0.00	)
Weighted average common shares outstanding:
Basic					30,099,610				29,929,610				30,054,883				29,929,610
Diluted					30,764,222				31,463,309				30,054,883				29,929,610

 

 

 

 

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.

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Document And Entity Information	May 10, 2024
Document Information [Line Items]
Entity, Registrant Name	INTEGRATED BIOPHARMA, INC.
Document, Type	8-K
Document, Period End Date	May 10, 2024
Entity, Incorporation, State or Country Code	DE
Entity, File Number	001-31668
Entity, Tax Identification Number	22-2407475
Entity, Address, Address Line One	225 Long Avenue
Entity, Address, City or Town	Hillside
Entity, Address, State or Province	NJ
Entity, Address, Postal Zip Code	07205
City Area Code	(973)
Local Phone Number	926-0816
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity, Emerging Growth Company	false
Amendment Flag	false
Entity, Central Index Key	0001016504

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