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HILLSIDE, NJ / ACCESSWIRE / November 13, 2024 / Integrated BioPharma, Inc. (OTCQX:INBP) (the "Company" or "INBP") reports its financial results for the quarter ended September 30, 2024.
Revenue for the quarter ended September 30, 2024 was $13.6 million compared to $12.9 million for the quarter ended September 30, 2023, an increase of $0.7 million or approximately 5.4%. The Company had operating income for the quarter ended September 30, 2024 of approximately $0.5 million compared to an operating loss of approximately $54,000 for the quarter ended September 30, 2023.
For the quarter ended September 30, 2024, the Company had net income of approximately $0.3 million or $0.01 per share of common stock, compared with a net loss of $59,000 or $0.00 per share of common stock for the quarter ended September 30, 2023. The Company's diluted net income (loss) per share of common stock for the quarters ended September 30, 2024 and 2023 were $0.01 and $0.00 per share of common stock, respectively.
"Our revenue increased by approximately 5% in the quarter ended September 30, 2024 from the quarter ended September 30, 2023 and our revenue from our two largest customers in our Contract Manufacturing Segment represented approximately 85% and 91% of total revenue in the quarters ended September 30, 2024 and 2023, respectively," stated the Co-Chief Executive Officers of the Company, Riva Sheppard and Christina Kay. "Our goal of diversifying our customer base is reflected in our September quarter numbers from 91% in 2023 to 85% in 2024. We hope to continue this trend as well as grow with our current customers," the Co-CEOs further stated.
A summary of our financial results for the three months ended September 30, 2024 and 2023 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, | ||||||||
| 2024 | 2023 | |||||||
| Total revenue | $ | 13,617 | $ | 12,915 | ||||
| Cost of sales | 12,246 | 12,083 | ||||||
| Gross profit | 1,371 | 832 | ||||||
| Selling and administrative expenses | 881 | 886 | ||||||
| Operating income (loss) | 490 | (54 | ) | |||||
| Interest income, net | 14 | 8 | ||||||
| Income (loss) before income taxes | 504 | (46 | ) | |||||
| Income tax expense, net | 245 | 13 | ||||||
| Net income (loss) | $ | 259 | $ | (59 | ) | |||
| Basic net income (loss) per common share | $ | 0.01 | $ | (0.00 | ) | |||
| Diluted net income (loss) per common share | $ | 0.01 | $ | (0.00 | ) | |||
| Weighted average common shares outstanding -basic | 30,099,610 | 29,965,914 | ||||||
| Weighted average common shares outstanding -diluted | 30,649,977 | 29,965,914 | ||||||
About Integrated BioPharma Inc. (INBP)