Deer Valley Corp. said its normalized net income for the fiscal second quarter ended June 27 amounted to 4 cents per share, an increase of 79.3% from 2 cents per share in the prior-year period.
Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $547,230, a gain of 80.6% from $303,070 in the prior-year period.
The normalized profit margin increased to 5.8% from 3.8% in the year-earlier period.
Total revenue climbed 20.2% on an annual basis to $9.5 million from $7.9 million, and total operating expenses increased 16.4% from the prior-year period to $8.6 million from $7.4 million.
Reported net income increased year over year to $620,570, or 4 cents per share, from $308,230, or 2 cents per share.