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Inter-Rock Minerals swings to profit in Q1

Inter-Rock Minerals Inc. said its normalized net income for the first quarter amounted to $63,130, compared with a loss of $45,000 in the prior-year period.

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

The normalized profit margin increased to 2.3% from negative 1.7% in the year-earlier period.

Total revenue came to $2.7 million, compared with $2.7 million in the year-earlier period, and total operating expenses declined 5.2% year over year to $2.6 million from $2.7 million.

Reported net income came to $101,000, or 0 cents per share, compared to a loss of $72,000, or a loss of 0 cents per share, in the year-earlier period.