Snowbird AG said its normalized net income for the first quarter amounted to 22 euro cents per share, an increase of 87.6% from 12 cents per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was €6.8 million, a gain of 97.5% from €3.5 million in the prior-year period.

The normalized profit margin climbed to 20.0% from 14.0% in the year-earlier period.

Total revenue rose 38.0% year over year to €34.0 million from €24.6 million, and total operating expenses grew 22.7% on an annual basis to €23.5 million from €19.1 million.

Reported net income grew 99.1% year over year to €8.2 million, or 26 cents per share, from €4.1 million, or 14 cents per share.