8-K
INTEGRATED BIOPHARMA INC (INBP)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
_________________
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED):
February 12, 2024
________________
INTEGRATED BIOPHARMA, INC.
(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
Delaware
(STATE OR OTHER JURISDICTION OF INCORPORATION)
| 001-31668 | 22-2407475 |
|---|---|
| (COMMISSION FILE NUMBER) | (I.R.S. EMPLOYER IDENTIFICATION NO.) |
225 Long Avenue
Hillside, New Jersey 07205
(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES)
(973) 926-0816
(REGISTRANT’S TELEPHONE NUMBER, INCLUDING AREA CODE)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
| ☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|---|---|
| ☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| --- | --- |
| ☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| --- | --- |
| ☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
| --- | --- |
Securities registered pursuant to Section 12(b) of the Exchange Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
|---|---|---|
| None | None | None |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02. Results of Operations and Financial Condition.
On February 12, 2024, Integrated Biopharma, Inc. (the “Company”) issued a press release announcing its financial results for the fiscal quarter ended December 31, 2023. A copy of the press release is furnished as Exhibit 99.1 hereto and is hereby incorporated by reference into this Item 2.02.
The information in this Item 2.02 (including Exhibit 99.1) shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such a filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
The following exhibit relating to Item 2.02 shall be deemed to be furnished, and not filed:
| 99.1 | Press Release dated February 12, 2024 |
|---|---|
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
-1-
EXHIBIT INDEX
| Exhibit | Description |
|---|---|
| 99.1 | Press Release dated February 12, 2024 |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
-2-
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| INTEGRATED BIOPHARMA, INC. | |
|---|---|
| Date: February 12, 2024 | By: /s/ Dina L Masi |
| Dina L Masi | |
| Chief Financial Officer |
-3-
ex_145031.htm
NEWS RELEASE for February 12, 2024
Contact: Dina Masi, CFO
Integrated BioPharma, Inc.
investors@ibiopharma.com
888.319.6962
Integrated BioPharma Reports Results for its Quarter Ended December 31, 2023
HILLSIDE, NEW JERSEY (February 12, 2024) - Integrated BioPharma, Inc. ((OTCQX: INBP)) (the “Company” or “INBP”) reports its financial results for the quarter ended December 31, 2023.
Revenue for the quarter ended December 31, 2023 was $11.5 million compared to $12.3 million for the quarter ended December 31, 2022, a decrease of $0.8 million or 6.5%. The Company had operating losses for the quarters ended December 31, 2023 and 2022, of approximately $0.5 million and $33,000, respectively.
Revenue for the six-month period ended December 31, 2023 was $24.4 million compared to $24.6 million for the six-month period ended December 31, 2022, a decrease of $0.2 million. The Company had operating losses for the six-month periods ended December 31, 2023 and 2022 of approximately 0.5 million and $3,000, respectively.
For the quarters ended December 31, 2023 and 2022, the Company had a net loss of approximately $0.4 million and $3,000, respectively. The Company’s net loss per share of common stock and diluted net loss per share of common stock for the quarters ended December 31, 2023 and 2022 were $0.01 and $0.00 per share of common stock, respectively.
For the six-month periods ended December 31, 2023 and 2022, the Company had a net loss of approximately $0.4 million and $0.1 million, respectively. The Company’s net loss per share of common stock and diluted net loss per share of common stock for the six months ended December 31, 2022 and 2022 were $0.02 and $0.00 per share of common stock, respectively.
“Our revenues were substantially the same in the six months ended in December 31, 2023 and 2022. Our revenue from our two largest customers in our Contract Manufacturing Segment remained consistent; representing approximately 90% and 91% of total revenue in the six-month period ended December 31, 2023 and 2022, respectively,” stated the Co-Chief Executive Officers of the Company, Riva Sheppard and Christina Kay. “We will continue to focus on our core businesses and expanding our customer base. We believe that this focus will reduce our reliance on our two significant customers in our fiscal year ending June 30, 2025,” the Co-CEOs further stated.
A summary of our financial results for the three and six months ended December 31, 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 | Six Months Ended | |||||||||||
| December 31, | December 31, | |||||||||||
| 2023 | 2022 | 2023 | 2022 | |||||||||
| Total revenue | $ | 11,509 | $ | 12,254 | $ | 24,424 | $ | 24,580 | ||||
| Cost of sales | 10,989 | 11,184 | 23,072 | 22,513 | ||||||||
| Gross profit | 520 | 1,070 | 1,352 | 2,067 | ||||||||
| Selling and administrative expenses | 972 | 1,103 | 1,858 | 2,070 | ||||||||
| Operating loss | (452 | ) | (33 | ) | (506 | ) | (3 | ) | ||||
| Other income (expense), net ^(1)^ | - | (12 | ) | 8 | (26 | ) | ||||||
| Loss before income taxes | (452 | ) | (45 | ) | (498) | (29 | ) | |||||
| Income tax benefit (expense), net | 70 | (10 | ) | 57 | (61 | ) | ||||||
| Net loss | $ | (382 | ) | $ | (55 | ) | $ | (441 | ) | $ | (90 | ) |
| Basic and diluted net loss per common share | $ | (0.00 | ) | $ | (0.00 | ) | $ | (0.02 | ) | $ | (0.00 | ) |
| Weighted average common shares outstanding - basic and diluted | 30,099,610 | 29,949,610 | 30,032,762 | 29,929,610 |
^(1)^ Includes interest expense of $13, $12, $26 and $25 and unrealized gain on investments, a non-cash item, of $0, $31, $0 and $27, respectively.
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.
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 and are not guarantees of future performance. Such statements speak only as of the date hereof, are subject to change and should not be relied upon for investment purposes. INBP undertakes no obligation to revise or update any statements for any reasons. The risks, uncertainties and assumptions include, among others, changes in general economic and business conditions; loss of market share through competition; introduction of competing products by other companies; the timing of regulatory approval and the introduction of new products by INBP; changes in industry capacity; pressure on prices from competition or from purchasers of INBP’s products; regulatory changes in the pharmaceutical manufacturing industry and nutraceutical industry; regulatory obstacles to the introduction of new technologies or products that are important to INBP; availability of qualified personnel; the loss of any significant customers or suppliers; the impact of the war in Ukraine; the tightened labor markets and inflation; the impact of the Israel-Hamas war; our ability to expand our customer base and other risks and uncertainties described in the section entitled “Risk Factors” in INBP’s most recent Annual Report on Form 10-K and its subsequent Quarterly Reports on Form 10-Q. 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.