Blue Buffalo Pet Products Inc. said its first-quarter normalized net income came to 15 cents per share, a decrease from 16 cents per share in the prior-year period.
Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $30.3 million, a decrease from $31.5 million in the year-earlier period.
The normalized profit margin dropped to 12.2% from 13.9% in the year-earlier period.
Total revenue climbed 10.0% on an annual basis to $248.8 million from $226.2 million, and total operating expenses rose 13.9% from the prior-year period to $196.6 million from $172.6 million.
Reported net income declined from the prior-year period to $30.1 million, or 15 cents per share, from $31.6 million, or 16 cents per share.
