Cold remedy developer CV Technologies Inc. reported Wednesday a first-quarter profit of $6.8 million, reversing a loss of $3.6 million posted in the prior-year period.
The Edmonton-based company said its earnings amounted to six cents per share diluted, versus a loss of three cents per share a year ago.
First-quarter sales were $21.3 million, down 5.9% from sales of $22.6 million in the same period last year.
“This performance underscores our success in refocusing our attention on achieving growth in Canada, our primary market,” president and CEO Jacqueline Shan said in a statement.
“We continue our U.S. strategy of concentrating on existing customers and managing expenditures to ensure they are aligned with sales levels.”
The company noted that Canadian sales declined to $20.9 million from $22.2 million and U.S. sales were unchanged at $400,000.
