Gan Shmuel Foods Ltd. said its normalized net income for the first quarter was 26 cents per share, a decrease of 17.7% from 32 cents per share in the prior-year period.
Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $4.0 million, a decline of 18.5% from $4.8 million in the prior-year period.
The normalized profit margin dropped to 6.8% from 8.0% in the year-earlier period.
Total revenue decreased on an annual basis to $58.3 million from $60.5 million, and total operating expenses declined on an annual basis to $51.5 million from $52.8 million.
Reported net income decreased 17.1% on an annual basis to $5.4 million, or 36 cents per share, from $6.5 million, or 43 cents per share.