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JB Foods swings to profit in Q4

JB Foods Ltd said its fourth-quarter normalized net income came to $1.5 million, compared with a loss of $2.6 million in the year-earlier period.

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

The normalized profit margin climbed to 1.9% from negative 4.9% in the year-earlier period.

Total revenue rose 47.4% on an annual basis to $79.9 million from $54.2 million, and total operating expenses increased 41.4% from the prior-year period to $78.0 million from $55.2 million.

Reported net income totaled $2.4 million, or 1 cents per share, compared to a loss of $4.6 million, or a loss of 2 cents per share, in the prior-year period.

For the year, the company's normalized net income totaled $1.3 million, compared with a loss of $-8.0 million in the prior year.

Full-year total revenue rose on an annual basis to $226.5 million from $218.7 million, and total operating expenses decreased on an annual basis to $223.6 million from $228.4 million.

The company said reported net income came to $2.1 million, or 1 cents per share, in the full year, compared with a loss of $13.1 million, or a loss of 8 cents per share, the prior year.