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Gourmet Ocean Products swings to loss in fiscal Q1

Gourmet Ocean Products Inc. said its normalized net income for the fiscal first quarter ended Dec. 31, 2014, amounted to a loss of C$313,130, compared with income of C$621,670 in the prior-year period.

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

The normalized profit margin dropped to negative 17.4% from 36.1% in the year-earlier period.

Total revenue climbed on an annual basis to C$1.8 million from C$1.7 million, and total operating expenses climbed from the prior-year period to C$2.3 million from C$773,150.

Reported net income totaled a loss of C$501,010, or a loss of 0 cents per share, compared to income of C$253,550, or 0 cents per share, in the prior-year period.