Integrated BioPharma reported financial results for fiscal year ended June 30, 2006. Revenues increased by approximatly 77%, or $25.1 million, from the end of fiscal year 2005 to $57.8 million. The company attributes this sales increase to enhanced sales of its branded nutraceutical products. Gross profits were $21,840,661 compared to $1,991,966 for fiscal 2005.
“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 nutraceutical business,” says E. Gerald Kay, CEO.
Operating income for fiscal 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 same period 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 fiscal 2005, which included nonrecurring 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 noncash preferred stock deemed dividends of $2,399,643 for the 2006 fiscal year.