Gan Shmuel Foods Ltd. said its third-quarter normalized net income was 10 cents per share, an increase of 13.2% from 9 cents per share in the year-earlier period.
Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $1.6 million, an increase from $1.5 million in the year-earlier period.
The normalized profit margin increased to 2.8% from 2.6% in the year-earlier period.
Total revenue fell on an annual basis to $55.5 million from $58.3 million, and total operating expenses declined 5.1% from the prior-year period to $52.1 million from $54.9 million.
Reported net income grew 84.8% year over year to $2.4 million, or 16 cents per share, from $1.3 million, or 8 cents per share.