Recipe Unlimited Corp. said its normalized net income for the fiscal third quarter ended Sept. 25 amounted to 29 Canadian cents per share, compared with the S&P Capital IQ consensus estimate of 34 cents per share.

EPS rose 25.8% year over year from 23 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was C$16.0 million, a gain of 32.5% from C$12.1 million in the prior-year period.

The normalized profit margin dropped to 12.0% from 14.5% in the year-earlier period.

Total revenue increased 36.9% on an annual basis to C$114.5 million from C$83.7 million, and total operating expenses climbed 37.9% from the prior-year period to C$87.0 million from C$63.1 million.

Reported net income declined 21.0% on an annual basis to C$15.0 million, or 27 cents per share, from C$19.0 million, or 36 cents per share.