HILLSIDE, NJ / ACCESSWIRE / May 15, 2019 / Integrated BioPharma, Inc. (OTCQB: INBP) (the "Company" or "INBP") reported financial results today for the three and nine-month periods ended March 31, 2019 and the refinancing of our Senior Credit Facility.
Revenues for the quarter ended March 31, 2019 were $14.1 million compared to $10.6 million for the quarter ended March 31, 2018, an increase of $3.5 million or 33.2%. The Company had operating income for the quarter ended March 31, 2019 of $1.2 million compared to operating income of $0.7 million for the quarter ended March 31, 2018.
Revenues for the nine-month period ended March 31, 2019 were $36.4 million compared to $31.1 million for the nine month period ended March 31, 2018, an increase of $5.2 million or 16.9%. The Company had operating income for the nine months ended March 31, 2019 of $2.1 million compared to operating income of $1.1 million for the nine months ended March 31, 2018.
For the quarter ended March 31, 2019, the Company had net income of $0.9 million or $0.03 per common share, compared with net income of $0.4 million or $0.02 per common share for the quarter ended March 31, 2018.
For the nine months ended March 31, 2019, the Company had net income of $1.3 million or $0.05 per common share, compared with a net loss of $0.1 million, or $0.01 per common share for the same period in 2018.
Also, on May 15, 2019, the Company amended the maturity date of its $11.4 million Senior Credit Facility with PNC Bank, National Association ("PNC") from February 19, 2020 to May 15, 2024 and repaid related party debt in an aggregate amount of $2.4 million consisting of Promissory Notes (the "Related Party Debt") with (i) CD Financial LLC in the amount of $1.7 million and (ii) Vitamin Realty Associates, LLC in the amount of $0.7 million. In addition to the extended maturity date on the Senior Credit Facility with PNC, the installment note with PNC was refinanced in the amount of $3.6 million from an amortized principal balance of $1.2 million, increasing the Senior Credit Facility to $11.6 million. "We are excited to report that we used the proceeds from the refinancing of the Senior Credit Facility to repay the Related Party Debt in the aggregate amount of $2.4 million. We believe that the Senior Credit Facility, and the payoff of Related Party Debt, will continue to provide the working capital and liquidity required to support our business growth in our Contract Manufacturing and Branded Nutraceutical Segments", said Riva Sheppard, Co-Chief Executive Officer of the Company.
Mrs. Sheppard further stated, "We continue to focus on our core businesses and push forward in maintaining our cost structure in line with our sales and on expanding our customer base to further leverage our manufacturing capabilities beyond our two major customers while continuing to strengthen our contract manufacturing segment".
"In our branded product segment, we are developing new products which will include branded products for solid dosage and powders manufactured by Manhattan Drug Company and sold using our AgroLabs brand and/or to our customer's own private label. We believe that by diversifying our branded product offerings to our existing customers we will increase sales and further leverage our fixed manufacturing and selling costs in each of these segments," stated Christina Kay, Co-Chief Executive Officer of INBP and President of AgroLabs.
A summary of our financial results for the three and nine months ended March 31, 2019 follows:
INTEGRATED BIOPHARMA, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except share and per share amounts)
Three Months Ended
Nine Months Ended
Cost of sales
Selling and administrative expenses
Other expense, net (1)
Income before income taxes
Federal and state income tax expense, net
Net income (loss)
Change in fair value of derivative liability
Interest expense on Convertible debt-CD Financial, LLC
Accretion of Convertible debt-CD Financial, LLC
Diluted net income (loss)
Net income (loss) per common share:
Weighted average common shares outstanding:
(1) Includes change in fair value of derivative liability of ($0), $54, $9 and $121, respectively related to embedded derivative instrument in Convertible debt - CD Financial, LLC, a non cash item.
About Integrated BioPharma Inc. (INBP)
Integrated BioPharma, Inc. is engaged primarily in manufacturing, distributing, marketing and sales of vitamins, nutritional supplements and herbal products. Further information is available at www.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. The risks, uncertainties and assumptions include developments in the market and related products and services and other risks and uncertainties described in the section entitled "Risk Factors" in INBP's most recent Annual Report on Form 10-K. 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.
Dina Masi, CFO
Integrated BioPharma, Inc.
SOURCE: Integrated BioPharma, Inc.
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