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Gourmet Ocean Products fiscal Q2 loss narrows YOY

Gourmet Ocean Products Inc. said its normalized net income for the fiscal second quarter ended March 31 was a loss of C$113,000, compared with a loss of C$346,610 in the prior-year period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin climbed to negative 11.3% from negative 21.9% in the year-earlier period.

Total revenue fell 36.7% year over year to C$1.0 million from C$1.6 million, and total operating expenses decreased 46.0% year over year to C$1.1 million from C$2.1 million.

Reported net income came to a loss of C$125,070, or a loss of 0 cents per share, compared to a loss of C$499,310, or a loss of 0 cents per share, in the prior-year period.