Exhibit 99.1
NEWS RELEASE for September 21, 2006
Contact: Dina Masi, CFO
Integrated BioPharma, Inc.
888.319.6962
d.masi@ibiopharma.com
Integrated BioPharma Reports Results for its Fiscal Year Ended June 30, 2006
Hillside, N.J., September 21, 2006--Integrated BioPharma, Inc. (AMEX:INB)
reported financial results today for its fiscal year ended June 30, 2006.
Revenues were $57.8 million, an increase of approximately 77% or $25.1 million
from $32.7 million for the fiscal year ended June 30, 2005. The increase in
sales is primarily attributable to increased sales of our branded proprietary
nutraceutical products.
Operating income for the fiscal year ended June 30, 2006 increased by $16.2
million to $5.1 million compared to an operating loss of ($11.1) million for the
fiscal year ended June 30, 2005. Net income applicable to common shareholders
for the fiscal year ended June 30, 2006 was $5.5 million, or $0.34 per diluted
share, compared with a net loss applicable to common shareholders of ($11.4)
million, or ($0.90) per diluted share, for the fiscal year ended June 30, 2005,
which included non-recurring income of $2.5 million relating to settlement of a
lawsuit.
Net income (loss) applicable to common shareholders is calculated after cash
Preferred Stock dividends of $482,463 and $490,000 and non-cash Preferred Stock
deemed dividends of $2,399,643 and $2,332,000 for the fiscal years ended June
30, 2006 and 2005, respectively.
E. Gerald Kay, Chief Executive Officer of INB, stated, "We believe the results
for Fiscal 2006 speak for themselves and provide a strong validation of our
strategic plan to continue building the Company's proprietary nutraceutical
business."
A summary of our financial results for the fiscal year ended June 30, 2006 are
presented below:
INTEGRATED BIOPHARMA, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
Fiscal Years Ended
June 30,
-----------------------------
2006 2005
------------ ------------
Total Revenue $ 57,820,466 $ 32,735,813
Cost of sales (1) 35,979,805 30,743,847
------------ ------------
Gross profit 21,840,661 1,991,966
------------ ------------
Impairment - 1,122,247
Selling and administrative expenses 16,737,519 11,982,220
------------ ------------
Total selling and administrative expenses 16,737,519 13,104,467
------------ ------------
Operating income (loss) 5,103,142 (11,112,501)
Gain on settlement of lawsuit - 2,475,322
Other income (expense) (221,616) 29,425
------------ ------------
Income (loss) before income taxes
and minority interest 4,881,526 (8,607,754)
Federal and state income tax benefit, net 3,356,447 27,325
------------ ------------
Net income (loss) before minority interest 8,237,973 (8,580,429)
Minority interest 193,779 196
------------ ------------
Net income (loss) 8,431,752 (8,580,233)
Non-cash deemed dividend from beneficial conversion
feature of Series B Preferred stock dividend (2) (2,399,643) (2,332,000)
Series B Preferred stock dividend (3) (482,463) (490,000)
------------ ------------
Net income (loss) applicable to common shareholders $ 5,549,646 $(11,402,233)
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Net income (loss) per common share:
Basic $ 0.43 $ (0.90)
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Diluted $ 0.34 $ (0.90)
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Weighted average common shares outstanding:
Basic 12,832,737 12,610,975
============ ============
Diluted(4) 16,231,365 12,610,975
============ ============
About Integrated BioPharma, Inc. (INB)
Integrated BioPharma is a unique grouping of companies presently serving the
varied needs of the health care industry. Through its nutraceutical business,
the Company creates, develops, manufactures and markets products worldwide. The
Company's biotechnology business uses its patented plant-based technology to
produce vaccines and therapeutic antibodies. Its pharmaceutical business
operates a cGMP facility for the production and sale of Paclitaxel and related
drugs and provides technical services through its contract research
organization. Further information is available at www.iBioPharma.com.
Statements included in this release related to Integrated BioPharma, Inc. 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. 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.