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Leading Brands swings to loss in fiscal Q1

Leading Brands Inc. said its normalized net income for the fiscal first quarter ended May 31 was a loss of 10 Canadian cents per share, compared with 5 cents per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of C$297,320, compared with income of C$155,400 in the prior-year period.

The normalized profit margin fell to negative 9.6% from 4.1% in the year-earlier period.

Total revenue declined 18.0% on an annual basis to C$3.1 million from C$3.8 million, and total operating expenses totaled C$3.5 million, compared with C$3.5 million in the year-earlier period.

Reported net income totaled a loss of C$410,770, or a loss of 14 cents per share, compared to income of C$192,360, or 6 cents per share, in the prior-year period.