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JB Foods swings to profit in Q1

JB Foods Ltd said its normalized net income for the first quarter came to $502,500, compared with a loss of $329,750 in the year-earlier period.

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

The normalized profit margin rose to 0.7% from negative 0.8% in the year-earlier period.

Total revenue grew 78.1% year over year to $74.9 million from $42.1 million, and total operating expenses climbed 70.7% on an annual basis to $73.2 million from $42.9 million.

Reported net income totaled $801,000, or 0 cents per share, compared to a loss of $628,000, or a loss of 0 cents per share, in the year-earlier period.