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Fuling Global Q1 profit falls YOY

Fuling Global Inc. said its normalized net income for the first quarter came to 4 cents per share, a decline of 41.9% from 7 cents per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $667,060, a decrease of 21.7% from $852,010 in the prior-year period.

The normalized profit margin dropped to 3.2% from 4.1% in the year-earlier period.

Total revenue came to $20.6 million, compared with $20.6 million in the year-earlier period, and total operating expenses grew year over year to $19.5 million from $19.3 million.

Reported net income fell 38.7% year over year to $786,640, or 5 cents per share, from $1.3 million, or 11 cents per share.