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Clearwater Seafoods swings to loss in fiscal Q3

Clearwater Seafoods Inc. said its normalized net income for the fiscal third quarter ended Oct. 3 came to a loss of 6 Canadian cents per share, compared with 1 cents per share in the third quarter ended Sept. 27, 2014.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of C$3.4 million, compared with income of C$557,130 in the third quarter ended Sept. 27, 2014.

The normalized profit margin fell to negative 1.8% from 0.4% in the year-earlier period.

Total revenue increased 9.9% year over year to C$147.3 million from C$134.1 million, and total operating expenses declined on an annual basis to C$111.0 million from C$115.4 million.

Reported net income totaled a loss of C$5.4 million, or a loss of 9 cents per share, compared to a loss of C$1.1 million, or a loss of 2 cents per share, in the third quarter ended Sept. 27, 2014.