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Spin Master swings to profit in Q1

Spin Master Corp. said its first-quarter normalized net income amounted to $1.2 million, compared with a loss of $835,630 in the prior-year period.

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

The normalized profit margin rose to 1.1% from negative 1.1% in the year-earlier period.

Total revenue grew 37.0% year over year to $106.5 million from $77.7 million, and total operating expenses climbed 27.5% from the prior-year period to $102.2 million from $80.1 million.

Reported net income totaled $1.4 million, compared with a loss of $842,000 in the year-earlier period.