Integrated BioPharma Reports Results for its Quarter Ended September 30, 2023

HILLSIDE, NJ / ACCESSWIRE / November 9, 2023 / Integrated BioPharma, Inc. (OTCQX:INBP) (the "Company" or "INBP") reports its financial results for the quarter ended September 30, 2023.

Revenue for the quarter ended September 30, 2023 was $12.9 million compared to $12.3 million for the quarter ended September 30, 2022, an increase of $0.6 million or approximately 4.9%. The Company had an operating loss for the quarter ended September 30, 2023 of approximately $54,000 compared to operating income of approximately $30,000 for the quarter ended September 30, 2022.

For the quarter ended September 30, 2023, the Company had a net loss of approximately $59,000 or $0.00 per share of common stock, compared with a net loss of $35,000 or $0.00 per share of common stock for the quarter ended September 30, 2022. The Company's diluted net income per share of common stock for the quarters ended September 30, 2023 and 2022 were each $0.00 per share of common stock.

"Our revenue increased by approximately 5% in the quarter ended September 30, 2023 from the quarter ended September 30, 2022 and our revenue from our two largest customers in our Contract Manufacturing Segment represented approximately 91% and 85% of total revenue in the quarters ended September 30, 2023 and 2022, respectively," stated the Co-Chief Executive Officers of the Company, Riva Sheppard and Christina Kay.

A summary of our financial results for the three months ended September 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
		September 30,
		2023				2022
Total revenue		$	12,915			$	12,326
Cost of sales			12,083				11,329
Gross profit			832				997
Selling and administrative expenses			886				967
Operating (loss) income			(54	)			30
Other income (expense), net (1)			8				(14	)
(Loss) income before income taxes			(46	)			16
Income tax expense, net			(13	)			(51	)
Net (loss) income		$	(59	)		$	(35	)
Basic and diluted net loss per common share:		$	(0.00	)		$	(0.00	)
Weighted average common shares outstanding -basic and diluted			29,965,914				29,949,610

⁽¹⁾Includes interest expense of $13 in each period.