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22nd Century Group Q1 loss narrows YOY

22nd Century Group Inc. said its normalized net income for the first quarter amounted to a loss of 4 cents per share, compared with the S&P Capital IQ consensus estimate of a loss of 4 cents per share.

The per-share loss narrowed 29.7% year over year from 6 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of $2.6 million, compared with a loss of $3.3 million in the year-earlier period.

Total revenue climbed 37.7% year over year to $616,140 from $447,540, and total operating expenses grew on an annual basis to $4.7 million from $1.6 million.

Reported net income totaled a loss of $3.9 million, or a loss of 6 cents per share, compared to a loss of $5.2 million, or a loss of 9 cents per share, in the year-earlier period.