Lifeway Foods Inc. said its first-quarter normalized net income amounted to 4 cents per share, compared with the S&P Capital IQ consensus estimate of 6 cents per share.

EPS declined 25.6% year over year from 6 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $669,380, a decrease of 26.3% from $908,130 in the prior-year period.

The normalized profit margin dropped to 3.0% from 3.1% in the year-earlier period.

Total revenue grew 10.0% on an annual basis to $32.6 million from $29.6 million, and total operating expenses increased 11.5% from the prior-year period to $31.5 million from $28.2 million.

Reported net income came to $648,000, or 4 cents per share, compared to $654,000, or 4 cents per share, in the prior-year period.