FOR IMMEDIATE RELEASE Contact: Jamie E. Levey
February 13, 2004 Investor Relations
(888) 319-6962
Integrated BioPharma Reports Second Quarter Financial Results
Hillside, N.J., February 13, 2004--Integrated BioPharma, Inc. (AMEX:INB)
announced its financial results for the second quarter ended December 31, 2003.
Second quarter revenues increased approximately 15% to $6,849,826 from
$5,945,719 for the same period a year ago. Net operating loss for the quarter
was $(366,751) or $(0.04) per share on 10,521,942 shares outstanding compared to
net income of $326,822 or $0.04 per share on 7,441,485 shares outstanding for
the comparable quarter last year. The growth in revenue is primarily attributed
to sales from the recently acquired products. The reduction in net income is
mainly attributable to one-time only transactional expenses and to the inclusion
of Paxis Pharmaceuticals, Inc. start-up expenses.
For the six months ended December 31, 2003, revenues increased approximately 10%
to $11,829,832 from $10,793,909 for the same period last year. Net operating
loss for the six months ended December 31, 2003 was $(1,123,046) or $(.11) per
share on 10,413,649 shares outstanding as compared to net income of $513,332 or
$.07 per share on 7,306,135 shares outstanding for the six months ended December
31, 2002. The growth in revenue is primarily attributed to sales from the
recently acquired products. The reduction in net income is mainly attributable
to one-time only transactional expenses and to the inclusion of Paxis
Pharmaceuticals, Inc. start-up expenses.
"We are pleased with the operating results for this period," stated E.Gerald
Kay, CEO of Integrated BioPharma, Inc. "The products we recently acquired
contributed significantly to the bottom line. Business continues to grow and
develop at a steady pace. In particular, start-up operations at Paxis
Pharmaceuticals are in line with our expectations and performing well."
For the Three Months Ended
December 31, December 31,
2003 2002
------------ ------------
Total Revenue $ 6,849,826 $ 5,945,719
Cost of Sales 4,804,299 4,405,182
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Gross Profit 2,045,527 1,540,537
------------ ------------
Paxis Pharmaceuticals, Inc. Start Up Expenses 1,051,047 --
Selling and Administrative Expenses 1,421,646 1,030,105
------------ ------------
Total Selling and Administrative Expenses 2,472,693 1,030,105
------------ ------------
Operating (Loss) Income (427,166) 510,432
Other Income 157,715 94,812
------------ ------------
(Loss) Income Before Income Taxes (269,451) 605,244
Provision for Income Taxes 97,300 278,422
------------ ------------
Net (Loss) Income $ (366,751) $ 326,822
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Diluted EPS Before Accretion $ (0.04) $ 0.04
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Average Common Shares
Outstanding-fully diluted 10,521,942 7,441,485
============ ============
For the Six Months Ended
December 31, December 31,
2003 2002
------------ ------------
Total Revenue $ 11,829,832 $ 10,793,909
Cost of Sales 8,766,979 8,297,696
------------ ------------
Gross Profit 3,062,853 2,496,213
------------ ------------
Paxis Pharmaceuticals, Inc. Start Up Expenses 1,671,354 --
Selling and Administrative Expenses 2,684,713 1,757,136
------------ ------------
Total Selling and Administrative Expenses 4,356,067 1,757,136
------------ ------------
Operating (Loss) Income (1,293,214) 739,077
Other Income 244,293 177,845
------------ ------------
(Loss) Income before Income Taxes (1,048,921) 916,922
Provision for Income Taxes 74,125 403,590
------------ ------------
Net (Loss) Income $(1,123,046) $ 513,332
============ ============
Diluted EPS Before Accretion $ (0.11) $ 0.07
============ ============
Average Common Shares
Outstanding-fully diluted 10,413,649 7,306,135
============ ============
INB serves the pharmaceutical, biotech, and nutraceutical industries. Through
several wholly owned subsidiaries, INB develops, manufactures and distributes
more than 130 products worldwide. Paxis Pharmaceuticals, Inc., a wholly owned
subsidiary, places the Company in the position to be a world leader in the
production and sale of paclitaxel and related drugs. Through its biotech
subsidiary, NuCycle Therapy, Inc., INB is developing preventive cancer compounds
and human therapeutic proteins in transgenic plants. 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 risk factors that could affect the
company's financial results can be found in the company's Reports filed with the
Securities and Exchange Commission.