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Universal swings to loss in fiscal Q1

Universal Corp. said its normalized net income for the fiscal first quarter ended June 30 amounted to a loss of 30 cents per share, compared with 18 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 a loss of $7.0 million, compared with income of $5.2 million in the prior-year period.

The normalized profit margin fell to negative 2.6% from 1.2% in the year-earlier period.

Total revenue fell 37.4% year over year to $271.5 million from $433.5 million, and total operating expenses declined 34.8% from the prior-year period to $279.7 million from $428.7 million.

Reported net income came to a loss of $3.0 million, or a loss of 13 cents per share, compared to income of $58.3 million, or $2.05 per share, in the prior-year period.