Integrated Biopharma Inc (INBP) SEC Filing 10-K Annual Report for the fiscal year ending Friday, June 30, 2023

NEWS RELEASE for May 11, 2023

Contact: Dina Masi, CFO

Integrated BioPharma, Inc.

investors@ibiopharma.com

              888.319.6962

Integrated BioPharma Reports Results for its Quarter Ended March 31, 2023

HILLSIDE, NEW JERSEY (May 11, 2023) - Integrated BioPharma, Inc. (OTCQX: INBP) (the “Company” or “INBP”) reports its financial results for the quarter ended March 31, 2023.

Revenue for the quarter ended March 31, 2023 was $13.1 million compared to $15.6 million for the quarter ended March 31, 2022, a decrease of $2.5 million or 16.2%.  The Company had operating income for the quarter ended March 31, 2023 and 2022 of approximately $44,000 and $1.0 million, respectively.

Revenue for the nine-month period ended March 31, 2023 was $37.7 million compared to $43.0 million for the nine-month period ended March 31, 2022, a decrease of $5.3 million or 12.3%.  The Company had operating income for the nine-month period ended March 31, 2023 and 2022 of approximately $41,000 and $2.3 million, respectively.

For the quarter ended March 31, 2023, the Company had net income of approximately $16,000 or $0.00 per share of common stock, compared with net income of $0.8 million or $0.03 per share of common stock for the quarter ended March 31, 2022.  The Company’s diluted net income per share of common stock for the quarters ended March 31, 2023 and 2022 was $0.00 and $0.03 per share of common stock, respectively.

For the nine-month period ended March 31, 2023, the Company had a net loss of approximately $74,000 or $0.00 per share of common stock, compared with net income of $2.3 million or $0.08 per share of common stock for the nine months ended March 31, 2022.  The Company’s diluted net (loss) income per share of common stock for the nine months ended March 31, 2023 and 2022 was $(0.00) and $0.07 per share of common stock, respectively.

“Our revenue from our two largest customers in our Contract Manufacturing Segment decreased from representing approximately 91% of total revenue in the nine-month period ended March 31, 2022, to representing approximately 88% of total revenue in the nine-month period ended March 31, 2023,”stated the Co-Chief Executive Officers of the Company, Riva Sheppard and Christina Kay.  “We believe the impacts of overstocking by our customers during the pandemic continued to contribute to the decline in our sales for the nine months ended March 31, 2023 and we continue to focus on expanding our customer base to reduce our reliance on our two largest customers ” the Co-CEOs further stated.