Integrated BioPharma Reports Results for its Quarter Ended March 31, 2024
May 13, 2024 at 04:22 pm
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HILLSIDE - 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 ninemonth 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.
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.
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.
Integrated Biopharma Inc. is engaged primarily in manufacturing, distributing, marketing and sales of vitamins, nutritional supplements, and herbal products. The Companyâs business segments include Contract Manufacturing operated by Manhattan Drug Company, Inc. (MDC), which manufactures vitamins and nutritional supplements for sale to distributors, multilevel marketers and specialized health-care providers; and Other Nutraceutical Businesses, which includes the operations of AgroLabs, Inc. (AgroLabs), The Vitamin Factory (the Vitamin Factory), IHT Health Products, Inc. (IHT), MDC Warehousing and Distribution, Inc., and Chem International, Inc. AgroLabs distributes healthful nutritional products for sale through mass market, grocery and drug and vitamin retailers under the brands: Peaceful Sleep, and Wheatgrass and other products. IHT is a distributor of fine natural botanicals, including multi-minerals produced under a license agreement. Chem is a distributor of raw materials.
INTEGRATED BIOPHARMA, INC. 
