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Leading Brands swings to loss in fiscal Q3

Leading Brands Inc. said its normalized net income for the fiscal third quarter ended Nov. 30, 2014, amounted to a loss of 2 Canadian cents per share, compared with 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 a loss of C$72,880, compared with income of C$70,740 in the prior-year period.

The normalized profit margin declined to negative 2.6% from 2.2% in the year-earlier period.

Total revenue decreased 11.1% on an annual basis to C$2.8 million from C$3.2 million, and total operating expenses fell year over year to C$3.0 million from C$3.1 million.

Reported net income totaled a loss of C$77,810, or a loss of 3 cents per share, compared to income of C$98,660, or 3 cents per share, in the prior-year period.