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Clearwater Seafoods fiscal Q1 loss widens YOY

Clearwater Seafoods Inc. said its normalized net income for the fiscal first quarter ended April 4 was a loss of 41 Canadian cents per share, compared with a loss of 21 cents per share in the first quarter ended March 29, 2014.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of C$22.8 million, compared with a loss of C$11.3 million in the first quarter ended March 29, 2014.

The normalized profit margin dropped to negative 30.0% from negative 14.5% in the year-earlier period.

Total revenue decreased on an annual basis to C$75.4 million from C$77.8 million, and total operating expenses rose 5.0% from the prior-year period to C$74.6 million from C$71.1 million.

Reported net income came to a loss of C$31.4 million, or a loss of 57 cents per share, compared to a loss of C$14.5 million, or a loss of 27 cents per share, in the first quarter ended March 29, 2014.