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Maiden Lane Jewelry swings to profit in fiscal Q3

Maiden Lane Jewelry Ltd. said its normalized net income for the fiscal third quarter ended Feb. 28 amounted to $6,720, compared with a loss of $190,160 in the year-earlier period.

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

The normalized profit margin increased to 0.3% from negative 24.1% in the year-earlier period.

Total revenue climbed year over year to $2.2 million from $789,030, and total operating expenses climbed 94.5% on an annual basis to $2.1 million from $1.1 million.

Reported net income came to a loss of $43,810, or a loss of 0 cents per share, compared to a loss of $246,390, or a loss of 2 cents per share, in the prior-year period.