HILLSIDE, N.J., May 25, 2007 (PRIME NEWSWIRE) -- Integrated BioPharma, Inc. (Nasdaq:INBP) announced today that due to the decreases in consumer spending forecasts reported in the last two weeks by the major chain retailers who are also the Company's Nutraceutical Segment customers, which they attributed to widespread severe weather conditions and a spike in gasoline prices, the Company is reducing its revenue forecast for the fiscal year ending June 30, 2007.
After giving effect to the nine month results ended March 31, 2007 and the updated forecast for the fourth quarter ending June 30, 2007, the Company expects its annual revenue for the fiscal year ending June 30, 2007 to be in the range of $64.0 million and $66.0 million versus our previous revenue forecast of a range of $68.0 to $70.0 million. Our revised fiscal year forecast, if achieved, would exceed the prior fiscal year revenue of $57.8 million by $6.0 to $8.0 million.
"We expect a decrease in the rate of requested shipments for our major Nutraceutical customers in the remaining month and a half of this fiscal year based upon their announced expectations about the effects of weather and gas price hikes on store sales in this period," stated E. Gerald Kay, Chief Executive Officer of Integrated BioPharma, Inc. "We remain optimistic about the longer term performance of our Nutraceuticals Segment and expect to continue to support our product lines with the necessary promotional advertising to enhance sales in the upcoming year," added Mr. Kay.
About Integrated BioPharma, Inc. (INBP)
Integrated BioPharma, Inc. 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, 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.