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Diamond Estates Wines & Spirits swings to profit in fiscal Q3

Diamond Estates Wines & Spirits Inc. said its normalized net income for the fiscal third quarter ended Dec. 31, 2014, amounted to C$54,990, compared with a loss of C$319,050 in the year-earlier period.

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

The normalized profit margin rose to 0.7% from negative 5.9% in the year-earlier period.

Total revenue climbed 45.5% on an annual basis to C$7.9 million from C$5.4 million, and total operating expenses increased 41.3% from the prior-year period to C$7.8 million from C$5.5 million.

Reported net income totaled a loss of C$623,920, or a loss of 1 cents per share, compared to a loss of C$589,130, or a loss of 1 cents per share, in the year-earlier period.