Gourmet Ocean Products Inc. said its normalized net income for the fiscal first quarter ended Dec. 31, 2015, amounted to a loss of C$243,270, compared with a loss of C$313,130 in the prior-year period.
Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.
The normalized profit margin declined to negative 26.1% from negative 17.4% in the year-earlier period.
Total revenue decreased 48.2% on an annual basis to C$933,430 from C$1.8 million, and total operating expenses declined 44.1% on an annual basis to C$1.3 million from C$2.3 million.
Reported net income came to a loss of C$389,240, or a loss of 0 cents per share, compared to a loss of C$501,010, or a loss of 0 cents per share, in the year-earlier period.