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Diversified Restaurant Holdings fiscal Q1 profit climbs YOY

Diversified Restaurant Holdings Inc. said its normalized net income for the fiscal first quarter ended March 27 was $220,760, an increase from $213,560 in the prior-year period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin rose to 2.5% from 0.5% in the year-earlier period.

Total revenue rose 22.7% on an annual basis to $48.4 million from $39.4 million, and total operating expenses rose 20.6% year over year to $46.7 million from $38.7 million.

Reported net income grew year over year to $525,960, or 2 cents per share, from $262,480, or 1 cents per share.