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.
