AGT Food & Ingredients Inc. said its normalized net income for the first quarter was 4 Canadian cents per share, compared with the S&P Capital IQ consensus estimate of 37 cents per share.

EPS decreased 89.7% year over year from 37 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was C$893,750, a decrease of 88.1% from C$7.5 million in the prior-year period.

The normalized profit margin declined to 0.2% from 2.4% in the year-earlier period.

Total revenue increased 23.7% on an annual basis to C$385.2 million from C$311.3 million, and total operating expenses grew 23.0% from the prior-year period to C$367.2 million from C$298.5 million.

Reported net income decreased 95.0% on an annual basis to C$465,850, or 2 cents per share, from C$9.3 million, or 46 cents per share.