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HILLSIDE, NJ / ACCESSWIRE / September 20, 2024 / Integrated BioPharma, Inc. (OTCQX:INBP) (the "Company" or "INBP") reports its financial results for the quarter and fiscal year ended June 30, 2024.
Revenue for the quarter ended June 30, 2024 was $12.7 million compared to $13.0 million for the quarter ended June 30, 2023, a decrease of $0.3 million or 2.3%. The Company had operating income of approximately $402,000 and $79,000 in the quarters ended June 30, 2024 and 2023, respectively.
Revenues for the fiscal year ended June 30, 2024 were $50.3 million compared to $50.7 million for the fiscal year ended June 30, 2023, a decrease of $0.4 million or 0.7%. The Company had operating income for the fiscal year ended June 30, 2024 of approximately $0.3 million compared to operating income of $0.1 million for the fiscal year ended June 30, 2023.
For the quarter ended June 30, 2024, the Company had net income of approximately $0.3 million or $0.01 per share of common stock, compared with net income of $40,000 or $0.00 per share of common stock for the quarter ended June 30, 2023. The Company's diluted net income per share of common stock for the quarters ended June 30, 2024 and 2023 were $0.01 and $0.00 per share of common stock, respectively.
For the fiscal year ended June 30, 2024, the Company had net income of approximately $112,000 or $0.00 per share of common stock, compared with a net loss of $34,000 or $0.00 per share of common stock for the fiscal year ended June 30, 2023. The Company's diluted net income (loss) per share of common stock for the fiscal years ended June 30, 2024 and 2023 were $0.00 and $(0.00) per share of common stock, respectively.
"While our revenue decreased by less than 1% in the fiscal year ended June 30, 2024 from the prior fiscal year ended June 30, 2023, our revenue from our two largest customers in our Contract Manufacturing Segment remained consistent; representing approximately 90% and 89% of total revenue in the fiscal years ended June 30, 2024 and 2023, respectively," stated the Co-Chief Executive Officers of the Company, Riva Sheppard and Christina Kay. "We are continuing to focus on our core businesses to support our growth. We are excited about new prospects in both the contract manufacturing and warehousing and distribution entities with the goal of diversifying our customer base," the Co-CEOs further stated.
A summary of our financial results for the three months and fiscal years ended June 30, 2024 and 2023 follows:
INTEGRATED BIOPHARMA, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except share and per share amounts)
(unaudited)
| Three Months Ended | Fiscal Year Ended | |||||||||||||||
| June 30, | June 30, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Total revenue | $ | 12,746 | $ | 12,994 | $ | 50,317 | $ | 50,672 | ||||||||
| Cost of sales | 11,462 | 12,008 | 46,433 | 46,611 | ||||||||||||
| Gross profit | 1,284 | 986 | 3,884 | 4,061 | ||||||||||||
| Selling and administrative expenses | 882 | 907 | 3,633 | 3,941 | ||||||||||||
| Operating income | 402 | 79 | 251 | 120 | ||||||||||||
| Other income (expense), net | 12 | 4 | 17 | (20 | ) | |||||||||||
| Income before income taxes | 414 | 83 | 268 | 100 | ||||||||||||
| Income tax expense, net | 146 | 43 | 156 | 134 | ||||||||||||
| Net income (loss) | $ | 268 | $ | 40 | $ | 112 | $ | (34 | ) | |||||||
| Net income (loss) per common share: | ||||||||||||||||
| Basic | $ | 0.01 | $ | 0.00 | $ | 0.00 | $ | (0.00 | ) | |||||||
| Diluted | $ | 0.01 | $ | 0.00 | $ | 0.00 | $ | (0.00 | ) | |||||||
| Weighted average common shares outstanding: | ||||||||||||||||
| Basic | 30,099,610 | 29,949,610 | 30,066,003 | 29,949,610 | ||||||||||||
| Diluted | 30,702,683 | 31,368,838 | 30,873,681 | 29,949,610 | ||||||||||||
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.