22nd Century Group Inc. said its third-quarter normalized net income came to a loss of 2 cents per share, compared with a loss of 2 cents per share in the year-earlier period.
Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of $1.7 million, compared with a loss of $1.7 million in the prior-year period.
The normalized profit margin rose to negative 53.5% from negative 64.7% in the year-earlier period.
Total revenue rose 16.1% year over year to $3.1 million from $2.7 million, and total operating expenses rose 4.9% on an annual basis to $5.7 million from $5.4 million.
Reported net income totaled a loss of $2.4 million, or a loss of 3 cents per share, compared to a loss of $2.8 million, or a loss of 4 cents per share, in the year-earlier period.