Ten Peaks Coffee Co. Inc. said its normalized net income for the first quarter amounted to 12 Canadian cents per share, an increase of 26.3% from 9 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$1.1 million, a gain of 69.0% from C$625,000 in the prior-year period.
The normalized profit margin increased to 4.8% from 2.9% in the year-earlier period.
Total revenue fell on an annual basis to C$20.7 million from C$21.5 million, and total operating expenses decreased 6.4% year over year to C$19.4 million from C$20.7 million.
Reported net income rose 56.7% from the prior-year period to C$1.2 million, or 13 cents per share, from C$758,000, or 11 cents per share.