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Imvescor Restaurant fiscal Q1 profit climbs 28.9% YOY

Imvescor Restaurant Group Inc. said its normalized net income for the fiscal first quarter ended Jan. 31 was 4 Canadian cents per share, compared with the S&P Capital IQ consensus estimate of 4 cents per share.

EPS rose 16.5% year over year from 4 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was C$2.4 million, an increase of 28.9% from C$1.8 million in the year-earlier period.

The normalized profit margin climbed to 18.5% from 16.7% in the year-earlier period.

Total revenue rose 30.4% on an annual basis to C$14.4 million from C$11.1 million, and total operating expenses grew 38.7% from the prior-year period to C$10.5 million from C$7.6 million.

Reported net income rose 84.4% year over year to C$2.9 million, or 5 cents per share, from C$1.6 million, or 3 cents per share.