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Gourmet Ocean Products fiscal Q4 loss narrows YOY

Gourmet Ocean Products Inc. said its normalized net income for the fiscal fourth quarter ended Sept. 30, 2015, amounted to a loss of C$223,890, compared with a loss of C$785,900 in the year-earlier period.

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

Total revenue decreased 33.0% on an annual basis to C$88,810 from C$132,510, and total operating expenses fell 70.8% year over year to C$392,960 from C$1.3 million.

Reported net income totaled C$211,260, or a loss of 0 cents per share, compared to a loss of C$845,350, or a loss of 1 cents per share, in the prior-year period.

For the year, the company's normalized net income totaled C$1.1 million, compared with income of C$69,290 in the prior year.

Full-year total revenue increased 19.6% from the prior-year period to C$4.3 million from C$3.6 million, and total operating expenses rose 66.4% year over year to C$6.0 million from C$3.6 million.

The company said reported net income came to a loss of C$1.2 million, or a loss of 1 cents per share, in the full year, compared with a loss of C$858,750, or a loss of 1 cents per share, the prior year.