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Food Empire Holdings swings to profit in Q3

Food Empire Holdings Ltd. said its normalized net income for the third quarter was $58,380, compared with a loss of $555,500 in the prior-year period.

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

The normalized profit margin rose to 0.2% from negative 0.8% in the year-earlier period.

Total revenue declined 15.0% on an annual basis to $61.7 million from $72.6 million, and total operating expenses fell 18.3% year over year to $55.0 million from $67.4 million.

Reported net income totaled $586,020, or 0 cents per share, compared to a loss of $745,840, or a loss of 0 cents per share, in the prior-year period.