[INTEGRATED BIOPHARMA LOGO]
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FOR IMMEDIATE RELEASE CONTACT: LANCE BALLER
MAY 6, 2003 VICE PRESIDENT OF CORPORATE
DEVELOPMENT & COMMUNICATIONS
INTEGRATED BIOPHARMA, INC.
(303) 470-0055
INTEGRATED BIOPHARMA REPORTS RECORD THIRD QUARTER AND
YEAR TO DATE OPERATING EARNINGS
Hillside, N.J., May 6, 2003-- Integrated BioPharma, Inc. (AMEX: INB) today
announced its financial results for the third quarter ended March 31, 2003.
Third quarter revenues increased approximately 26% to $6,670,254 from $5,278,366
for the same period a year ago. Net operating income for the quarter was
$217,754 compared to operating income of $141,313 for the comparable quarter of
last year, an increase of approximately 54%.
Net operating income for the nine months ended March 31, 2003 increased by 57%
to $731,086 compared to net operating income of $464,711 for the nine months
ended March 31, 2003. The nine months that ended March 31, 2002 also included
the proceeds from a lawsuit in the amount of $706,000 (net of taxes). Revenues
increased approximately 4% to $17,464,163 from $16,739,241 for the same period a
year ago. Current operating earnings per share reflect dilution as a result of
previous announced acquisitions and the effect of stock options.
"We are pleased with the continued improvement in profits and are encouraged
that this trend will continue," commented E. Gerald Kay Chairman of the Board of
Integrated BioPharma, Inc.
Mr. Kay will resume the office of Chief Executive Officer of the Company as of
May 9, 2003 when Seymour Flug, the current CEO retires from that position to
become the Managing Director of a Charitable Foundation. Mr. Flug will remain as
a Director and Senior Advisor of the Company with special focus on financial
matters and acquisitions.
Integrated BioPharma serves the varied needs of the nutraceutical, biotech and
pharmaceutical industries. Through several wholly owned subsidiaries, Integrated
BioPharma develops, manufactures and distributes more than 130 products
worldwide. Integrated BioPharma recently upgraded and expanded its manufacturing
facilities to increase production capacity. Integrated
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BioPharma's recent acquisitions propel it into the growing field of genetically
engineered human therapeutics. These acquired companies have significant
competitive presence in the high growth industry of naturally occurring
chemotherapeutic anti-cancer agents. Integrated BioPharma currently consists of
eight operating units with significant competitive advantages derived from
shared resources, synergies and economies of scale. Further information is
available at www.iBioPharma.com
Statements included in this release may constitute forward-looking statements
within the meaning of the Private Securities Litigation Reform Act of 1995. Such
statements involve a number of risks and uncertainties such as competitive
factors, technological development, market demand, and the company's ability to
obtain new contracts and accurately estimate net revenues due to variability in
size, scope and duration of projects, and internal issues in the sponsoring
client. Further information on potential factors that could affect the company's
financial results can be found in the company's Reports filed with the
Securities and Exchange Commission.
The following tables set forth the financial results:
For the Three Months Ended
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March 31, 2003 March 31, 2002
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Total Revenue $ 6,670,254 $ 5,278,366
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Pretax Operating Income 399,625 305,963
Provision for Income Taxes 181,871 164,650
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Net Income $ 217,754 $ 141,313
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Diluted EPS $ 0.02 $ .02
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Average Common Shares
Outstanding-fully diluted 10,076,809 7,370,298
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For the Nine Months Ended
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March 31, 2003 March 31, 2002
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Total Revenue $17,464,163 $16,739,241
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Pretax Operating Income 1,316,547 768,643
Provision for Income Taxes 585,461 303,932
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Net Operating Income 731,086 464,711
Proceeds from Lawsuit (net of taxes) -- 706,000
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Net Income $ 731,086 $ 1,170,711
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Diluted EPS $ 0.09 $ .17
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Average Common Shares
Outstanding-fully diluted 8,212,210 7,092,811
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