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| 8-K - FORM 8-K - INTEGRATED BIOPHARMA INC | inbp20210211_8k.htm |
NEWS RELEASE for February 12, 2021
Contact: Dina Masi, CFO
Integrated BioPharma, Inc.
investors@ibiopharma.com
888.319.6962
Integrated BioPharma Reports Results for its Quarter Ended December 31, 2020
HILLSIDE, NEW JERSEY (February 12, 2021) - Integrated BioPharma, Inc. ((OTCQX: INBP)) (the “Company” or “INBP”) reports its financial results for the quarter ended December 31, 2020.
Revenue for the quarter ended December 31, 2020 was $14.3 million compared to $14.2 million for the quarter ended December 31, 2019, an increase of $0.1 million or 0.7%. The Company had operating income for each of the quarters ended December 31, 2020 and 2019 of $1.2 million.
Revenues for the six-month period ended December 31, 2020 were $29.4 million compared to $25.6 million for the six-month period ended December 31, 2019, an increase of $3.8 million or 14.8%. The Company had operating income for the six-month period ended December 31, 2020 of $2.8 million compared to operating income of $1.7 million for the six-month period ended December 31, 2019.
For the quarter ended December 31, 2020, the Company had net income of $1.2 million or $0.04 per share of common stock, compared with net income of $1.0 million or $0.03 per share of common stock for the quarter ended December 31, 2019. The Company’s diluted net income per share of common stock for the quarters ended December 31, 2020 and 2019 were $0.04 and $0.03 per share of common stock, respectively.
For the six-month period ended December 31, 2020, the Company had net income of $2.3 million or $0.08 per share of common stock, compared with net income of $1.3 million or $0.04 per share of common stock for the quarter ended December 31, 2019. The Company’s diluted net income per share of common stock for the quarters ended December 31, 2020 and 2019 were $0.07 and $0.04 per share of common stock, respectively.
“We are excited to report that our revenue increased by approximately 15% in the six-month period ended December 31, 2020 from the prior six-month period ended December 31, 2019 and that our revenue from our two significant customers in our Contract Manufacturing Segment remained consistent; representing approximately 92% of total revenue in each of the six-month periods ended December 31, 2020 and 2019,” stated the Co-Chief Executive Officers of the Company, Riva Sheppard and Christina Kay.
A summary of our financial results for the three and six months ended December 31, 2020 and 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 |
Six Months Ended |
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December 31, |
December 31, |
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2020 |
2019 |
2020 |
2019 |
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Total revenue |
$ | 14,257 | $ | 14,197 | $ | 29,429 | $ | 25,603 | ||||||||||
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Cost of sales |
12,083 | 12,171 | 24,882 | 22,178 | ||||||||||||||
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Gross profit |
930 | 2,026 | 4,547 | 3,425 | ||||||||||||||
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Selling and administrative expenses |
821 | 821 | 1,794 | 1,744 | ||||||||||||||
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Operating income |
1,244 | 1,205 | 2,753 | 1,681 | ||||||||||||||
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Other expense, net (1) |
(115 | ) | (134 | ) | (156 | ) | (261 | ) | ||||||||||
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Income before income taxes |
1,029 | 1,071 | 2,597 | 1,420 | ||||||||||||||
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Provision for income taxes |
(95 | ) | 112 | 332 | 149 | |||||||||||||
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Net income |
$ | 1,224 | $ | 959 | $ | 2,265 | $ | 1,271 | ||||||||||
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Net earnings per common share: |
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Basic |
$ | 0.04 | $ | 0.03 | $ | 0.08 | $ | 0.04 | ||||||||||
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Diluted |
$ | 0.04 | $ | 0.03 | $ | 0.07 | $ | 0.04 | ||||||||||
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Weighted average common shares outstanding: |
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Basic |
29,658,661 | 29,565,943 | 29,652,302 | 29,565,943 | ||||||||||||||
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Diluted |
32,099,504 | 30,590,963 | 31,967,036 | 30,608,243 | ||||||||||||||
(1) Includes interest expense of $79, $109, $155 and $233 and unrealized losses on investments, a non-cash item, of $44, $31, $73 and $55, respectively.
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, the Company’s ability to maintain the qualitative and quantitative continued trading qualifications of the OTCQX Best Market 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.