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International Parkside Products swings to loss in fiscal Q3

International Parkside Products Inc. said its normalized net income for the fiscal third quarter ended April 30 amounted to a loss of C$96,680, compared with income of C$61,410 in the prior-year period.

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

The normalized profit margin dropped to negative 12.2% from 4.5% in the year-earlier period.

Total revenue declined 42.1% on an annual basis to C$795,130 from C$1.4 million, and total operating expenses fell 23.5% from the prior-year period to C$990,330 from C$1.3 million.

Reported net income came to a loss of C$154,690, or a loss of 1 cents per share, compared to income of C$98,250, or 1 cents per share, in the prior-year period.