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Ten Peaks Coffee swings to profit in Q1

Ten Peaks Coffee Co. Inc. said its normalized net income for the first quarter came to 9 Canadian cents per share, compared with a loss of 9 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 C$625,000, compared with a loss of C$578,130 in the year-earlier period.

The normalized profit margin climbed to 2.9% from negative 4.3% in the year-earlier period.

Total revenue rose 59.8% on an annual basis to C$21.5 million from C$13.5 million, and total operating expenses increased 64.3% on an annual basis to C$20.7 million from C$12.6 million.

Reported net income came to C$758,000, or 11 cents per share, compared to a loss of C$673,000, or a loss of 10 cents per share, in the year-earlier period.