Exhibit 99.1
NEWS RELEASE for November 7, 2006
Contact: Dina Masi, CFO
Jeffrey Leach, Investor Relations
Integrated BioPharma, Inc.
888.319.6962
Integrated BioPharma Reports Results for its Quarter Ended September 30, 2006
Hillside, N.J., November 7, 2006--Integrated BioPharma, Inc. (AMEX:INB) reported
financial results today for its first quarter ended September 30, 2006. Revenues
for the quarter ended September 30, 2006 were $12.9 million compared to $14.8
million for the quarter ended September 30, 2005. Operating income for the
quarter ended September 30, 2006 was $368,000 compared to operating income of
$2.0 million for the quarter ended September 30, 2005.
For the quarter ended September 30, 2006, there was a net loss applicable to
common shareholders of $514,000, or ($0.04) per diluted share, compared with net
income applicable to common shareholders of $1.2 million, or $0.09 per diluted
share, for the quarter ended September 30, 2005. Net income (loss) applicable to
common shareholders is calculated after cash Preferred Stock dividends of
$119,100 and $123,500 and non-cash Preferred Stock deemed dividends of $562,000
and $583,000 for the quarters ended September 30, 2006 and 2005, respectively.
After giving effect to its actual first quarter results, the Company's annual
revenue forecast for the current fiscal year is between $68.0 and $70.0 million,
which, if achieved, would exceed the prior fiscal year revenue of $57.8 by $10.0
to $12.0 million.
A summary of our financial results for the quarter ended September 30, 2006 and
2005 is presented below:
INTEGRATED BIOPHARMA, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
Three Months Ended
September 30,
--------------------------------
2006 2005
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Total Revenue $ 12,911,238 $ 14,787,107
Cost of sales 8,531,587 9,392,762
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Gross profit 4,379,651 5,394,345
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Selling and administrative expenses 4,011,635 3,410,645
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Operating income 368,016 1,983,700
Other expense, net (27,336) (59,596)
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Income before income taxes and minority
interest 340,680 1,924,104
Federal and state income tax expense, net 210,182 44,738
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Net income before minority interest 130,498 1,879,366
Minority interest 37,590 33,200
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Net income 168,088 1,912,566
Non-cash deemed dividend from beneficial
conversion feature of Series B Preferred
stock dividend (1) (562,500) (583,000)
Series B Preferred stock dividend (2) (119,096) (123,507)
------------ ------------
Net (loss) income applicable to common
shareholders $ (513,508) $ 1,206,059
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Net (loss) income per common share:
Basic $ (0.04) $ 0.09
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Diluted $ (0.04) $ 0.09
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Weighted average common shares outstanding:
Basic 13,288,078 12,713,842
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Diluted(3) 13,288,078 13,846,541
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(1) Represents non-cash deemed dividend for preferred shareholders associated
with the amortization of beneficial conversion feature and accretion of
redemption value of Series B redeemable convertible preferred stock.
(2) Represents 7% dividend on Series B redeemable convertible preferred stock.
(3) Includes 1,132,699 potential dilutive warrants and options.
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.