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Integrated Biopharma swings to profit in fiscal Q3

Integrated Biopharma said its normalized net income for the fiscal third quarter ended March 31 was $54,380, compared with a loss of $113,750 in the prior-year period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin increased to 0.5% from negative 1.2% in the year-earlier period.

Total revenue climbed 13.4% on an annual basis to $11.0 million from $9.7 million, and total operating expenses increased 8.9% from the prior-year period to $10.5 million from $9.7 million.

Reported net income came to $33,000, or 0 cents per share, compared to a loss of $211,050, or a loss of 1 cents per share, in the year-earlier period.