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Papa Murphy's swings to profit in fiscal Q2

Papa Murphy's Holdings Inc. said its normalized net income for the fiscal second quarter ended June 29 amounted to 8 cents per share, compared with the S&P Capital IQ consensus estimate of 10 cents per share.

The per-share result swung to a profit from the prior-year loss of 8 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $1.4 million, compared with a loss of $932,500 in the year-earlier period.

The normalized profit margin climbed to 4.7% from negative 4.3% in the year-earlier period.

Total revenue climbed 33.3% on an annual basis to $29.1 million from $21.8 million, and total operating expenses climbed 26.3% from the prior-year period to $26.5 million from $21.0 million.

Reported net income totaled a loss of $1.5 million, or a loss of 9 cents per share, compared to a loss of $2.2 million, or a loss of 19 cents per share, in the year-earlier period.