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))

☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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

99.1		Press Release dated September 15, 2023
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

Exhibit		Description
99.1		Press Release dated September 15, 2023
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

	INTEGRATED BIOPHARMA, INC.
Date: September 15, 2023	By:     /s/ Dina L Masi
	Dina L. Masi
	Chief Financial Officer

Exhibit 99.1

 

 

 

 

 

NEWS RELEASE for September 15, 2023

 

Contact: Dina Masi, CFO

Integrated BioPharma, Inc.

investors@ibiopharma.com

              888.319.6962

 

 

Integrated BioPharma Reports Results for its Quarter and Fiscal Year Ended June 30, 2023

 

HILLSIDE, NEW JERSEY (September 15, 2023) - Integrated BioPharma, Inc. ((OTCQX: INBP)) (the “Company” or “INBP”) reports its financial results for the quarter and fiscal year ended June 30, 2023.

 

Revenue for the quarter ended June 30, 2023 was $13.0 million compared to $13.3 million for the quarter ended June 30, 2022, a decrease of $0.3 million or 2.3%.  The Company had operating income of approximately $79,000 and $438,000 in the quarters ended June 30, 2023 and 2022, respectively. 

 

Revenues for the fiscal year ended June 30, 2023 were $50.7 million compared to $56.2 million for the fiscal year ended June 30, 2022, a decrease of $5.5 million or 9.8%.  The Company had operating income for the fiscal year ended June 30, 2023 of approximately $120,000 compared to operating income of $2.7 million for the fiscal year ended June 30, 2022. 

 

For the quarter ended June 30, 2023, the Company had net income of approximately $40,000 or $0.00 per share of common stock, compared with net income of $1.5 million or $0.05 per share of common stock for the quarter ended June 30, 2022.  The Company’s diluted net income per share of common stock for the quarters ended June 30, 2023 and 2022 were $0.00 and $0.05 per share of common stock, respectively.

 

For the fiscal year ended June 30, 2023, the Company had a net loss of approximately $34,000 or $0.00 per share of common stock, compared with net income of $3.8 million or $0.13 per share of common stock for the fiscal year ended June 30, 2022.  The Company’s diluted net income per share of common stock for the fiscal years ended June 30, 2023 and 2022 were $0.00 and $0.12 per share of common stock, respectively. 

 

“While our revenue decreased by approximately 10% in the fiscal year ended June 30, 2023 from the prior fiscal year ended June 30, 2022 our revenue from our two largest customers in our Contract Manufacturing Segment remained consistent; representing approximately 89% and 90% of total revenue in the fiscal years ended June 30, 2023 and 2022, respectively,” stated the Co-Chief Executive Officers of the Company, Riva Sheppard and Christina Kay. “Our Contract Manufacturing Segment contributed 95% of the total revenue in our fiscal year ended June 30, 2023 compared to 96% in the prior year, demonstrating growth in our other nutraceutical business segment, primarily in the warehousing and distribution business,” the Co-CEO’s further stated.

 

 

 

 

A summary of our financial results for the three months and fiscal years ended June 30, 2023 and 2022 follows:

 

INTEGRATED BIOPHARMA, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except share and per share amounts)
(Unaudited)
				Three Months Ended								Fiscal Year Ended
				June 30,								June 30,
				2023				2022				2023				2022
Total revenue				$	12,994			$	13,267			$	50,672			$	56,246
Cost of sales					12,008				11,871				46,611				49,694
Gross profit					986				1,396				4,061				6,552
Selling and administrative expenses					907				958				3,941				3,807
Operating income					79				438				120				2,745
Other income (expense), net (1)					4				(31	)			(20	)			(148	)
Income before income taxes					83				407				100				2,597
Income tax (expense) benefit, net					(43	)			1,087				(134	)			1,241
Net income (loss)				$	40			$	1,494			$	(34	)		$	3,838
Net earnings (loss) per common share:
Basic				$	0.00			$	0.05			$	(0.00	)		$	0.13
Diluted				$	0.00			$	0.05			$	(0.00	)		$	0.12
Weighted average common shares outstanding:
Basic					29,949,610				29,886,614				29,949,610				29,843,387
Diluted					31,368,838				32,182,633				29,949,610				32,321,326

 

⁽¹⁾  Includes unrealized gain (loss) on investment, a non-cash item, of $0, $(7), $28 and $(55), respectively.

 

 

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; the impact of the war in Ukraine; the tightened labor markets and inflation; 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.

 

v3.23.2

Document And Entity Information	Sep. 15, 2023
Document Information [Line Items]
Entity, Registrant Name	INTEGRATED BIOPHARMA, INC.
Document, Type	8-K
Document, Period End Date	Sep. 15, 2023
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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