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Clearwater Seafoods swings to profit in fiscal Q1

Clearwater Seafoods Inc. said its normalized net income for the fiscal first quarter ended April 2 came to 15 Canadian cents per share, compared with a loss of 41 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 C$9.2 million, compared with a loss of C$22.6 million in the year-earlier period.

The normalized profit margin increased to 7.9% from negative 30.0% in the year-earlier period.

Total revenue grew 54.2% year over year to C$116.2 million from C$75.4 million, and total operating expenses climbed 38.8% on an annual basis to C$102.8 million from C$74.1 million.

Reported net income came to C$14.5 million, or 24 cents per share, compared to a loss of C$31.4 million, or a loss of 57 cents per share, in the prior-year period.