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Firan Technology fiscal Q1 profit falls 25.6% YOY

Firan Technology Group Corp. said its normalized net income for the fiscal first quarter ended Feb. 26 amounted to 2 Canadian cents per share, compared with the S&P Capital IQ consensus estimate of 2 cents per share.

EPS declined 26.3% year over year from 3 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was C$453,130, a decline of 25.6% from C$609,130 in the prior-year period.

The normalized profit margin declined to 2.7% from 3.7% in the year-earlier period.

Total revenue grew on an annual basis to C$16.9 million from C$16.3 million, and total operating expenses totaled C$16.2 million, compared with C$16.2 million in the year-earlier period.

Reported net income came to C$414,730, or 2 cents per share, compared to C$410,730, or 2 cents per share, in the year-earlier period.