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22nd Century Group Q1 loss narrows YOY

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22nd Century Group Q1 loss narrows YOY

22nd Century Group Inc. said its normalized net income for the first quarter amounted to a loss of 3 cents per share, compared with a loss of 4 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 a loss of $2.0 million, compared with a loss of $2.6 million in the prior-year period.

The normalized profit margin was 65.5%.

Total revenue increased year over year to $3.0 million from $616,140, and total operating expenses grew 31.7% on an annual basis to $6.2 million from $4.7 million.

Reported net income came to a loss of $3.0 million, or a loss of 4 cents per share, compared to a loss of $3.9 million, or a loss of 6 cents per share, in the year-earlier period.