MGP Ingredients Inc. said its first-quarter normalized net income amounted to 41 cents per share, an increase of 40.9% from 29 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 $6.8 million, a gain of 34.5% from $5.1 million in the prior-year period.

The normalized profit margin increased to 8.9% from 6.3% in the year-earlier period.

Total revenue declined on an annual basis to $76.8 million from $80.4 million, and total operating expenses declined 10.1% year over year to $66.1 million from $73.5 million.

Reported net income rose 39.8% from the prior-year period to $6.8 million, or 41 cents per share, from $4.9 million, or 28 cents per share.