Diversified Restaurant Holdings Inc. said its normalized net income for the fiscal first quarter ended March 29 was $213,560, a decrease of 27.4% from $294,290 in the year-earlier period.
Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.
The normalized profit margin dropped to 0.5% from 1.0% in the year-earlier period.
Total revenue climbed 29.4% on an annual basis to $39.4 million from $30.5 million, and total operating expenses rose 31.0% year over year to $38.7 million from $29.5 million.
Reported net income totaled $262,480, or 1 cents per share, compared to $261,540, or 1 cents per share, in the year-earlier period.
