International Parkside Products Inc. said its normalized net income for the fiscal first quarter ended Oct. 31 amounted to C$46,480, a decrease of 51.8% from C$96,350 in the year-earlier period.
Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.
The normalized profit margin fell to 4.2% from 7.1% in the year-earlier period.
Total revenue fell 18.7% year over year to C$1.1 million from C$1.4 million, and total operating expenses declined 13.3% from the prior-year period to C$1.1 million from C$1.2 million.
Reported net income declined 44.1% on an annual basis to C$74,370, or 0 cents per share, from C$132,960, or 1 cents per share.
