Leading Brands Inc. said its normalized net income for the fiscal first quarter ended May 31 amounted to 5 Canadian cents per share, a decrease of 73.9% from 19 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$155,450, a decline of 73.8% from C$592,450 in the year-earlier period.

The normalized profit margin dropped to 4.1% from 12.0% in the year-earlier period.

Total revenue declined 23.2% on an annual basis to C$3.8 million from C$4.9 million, and total operating expenses declined 10.6% from the prior-year period to C$3.5 million from C$3.9 million.

Reported net income declined 72.5% on an annual basis to C$192,360, or 6 cents per share, from C$700,430, or 22 cents per share.