HILLSIDE, NJ / ACCESSWIRE / November 13, 2019 / Integrated BioPharma, Inc. (OTC BB:INBP) (the "Company") reports it financial results for the quarter ended September 30, 2019.
Revenue for the quarter ended September 30, 2019 was $11.4 million compared to $10.3 million for the quarter ended September 30, 2018, an increase of $1.1 million or 10.7%. The Company had operating income for the quarter ended September 30, 2019 of $0.5 million compared to operating income of $0.4 million for the quarter ended September 30, 2018.
For the quarter ended September 30, 2019, the Company had net income and diluted net income of $0.3 million or $0.01 per share of common stock, compared with net income and diluted net income of $0.2 million or $0.01 per share of common stock for the quarter ended September 30, 2018.
"We are excited to report that our revenue increased by approximately 11% in the quarter ended September 30, 2019 and that our revenue from our two significant customers in our Contract Manufacturing Segment remained consistent; representing approximately 91% and 89% of total revenue in the quarters ended September 30, 2019 and 2018, respectively," said Riva Sheppard, Co-Chief Executive Officer of the Company.
A summary of our financial results for the three months ended September 30, 2019 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, | ||||||||
| 2019 | 2018 | |||||||
Total revenue | $ | 11,406 | $ | 10,304 | ||||
Cost of sales | 10,007 | 9,085 | ||||||
Gross profit | 1,399 | 1,219 | ||||||
Selling and administrative expenses | 923 | 814 | ||||||
Operating income | 476 | 405 | ||||||
Other expense, net (1) | (127 | ) | (191 | ) | ||||
Income before income taxes | 349 | 214 | ||||||
Income tax expense, net | 37 | 55 | ||||||
Net income | $ | 312 | $ | 159 | ||||
Net income per common share: | ||||||||
Basic | $ | 0.01 | $ | 0.01 | ||||
Diluted | $ | 0.01 | $ | 0.01 | ||||
Weighted average common shares outstanding: | ||||||||
Basic | 29,565,943 | 27,218,786 | ||||||
Diluted | 30,724,633 | 27,963,604 | ||||||
(1) Includes interest expense of $124 and $200, respectively. | ||||||||
SOURCE: Integrated BioPharma, Inc.
View source version on accesswire.com:
https://www.accesswire.com/566451/Integrated-BioPharma-Reports-Results-for-its-Quarter-Ended-September-30-2019
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
