Leading Brands Inc. said its normalized net income for the fiscal fourth quarter ended Feb. 28 amounted to a loss of 5 Canadian cents per share, compared with a loss of 6 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 a loss of C$153,760, compared with a loss of C$164,050 in the prior-year period.
The normalized profit margin dropped to negative 5.7% from negative 5.2% in the year-earlier period.
Total revenue fell 13.9% on an annual basis to C$2.7 million from C$3.1 million, and total operating expenses decreased 10.5% year over year to C$3.1 million from C$3.4 million.
Reported net income came to a loss of C$375,030, or a loss of 12 cents per share, compared to a loss of C$2,300, or a loss of 2 cents per share, in the year-earlier period.
For the year, the company's normalized net income totaled 9 cents per share, a decline of 67.5% from 27 cents per share in the prior year.
Normalized net income was C$284,240, a fall of 68.0% from C$888,000 in the prior year.
Full-year total revenue fell 12.7% from the prior-year period to C$13.4 million from C$15.3 million, and total operating expenses decreased 5.3% year over year to C$13.1 million from C$13.8 million.
The company said reported net income decreased 88.4% on an annual basis to C$139,150, or 4 cents per share, in the full year, from C$1.2 million, or 37 cents per share.
