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Rubicon Technology Q1 loss narrows YOY

Rubicon Technology Inc. said its first-quarter normalized net income came to a loss of $1.78 per share, compared with the S&P Capital IQ consensus estimate of a loss of $2.60 per share.

The per-share loss decreased 10.3% year over year from $1.99.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of $4.7 million, compared with a loss of $5.2 million in the year-earlier period.

The normalized profit margin fell to negative 109.1% from negative 58.3% in the year-earlier period.

Total revenue declined 51.9% year over year to $4.3 million from $8.9 million, and total operating expenses decreased 26.2% from the prior-year period to $12.4 million from $16.9 million.

Reported net income totaled a loss of $7.3 million, or a loss of $2.80 per share, compared to a loss of $8.4 million, or a loss of $3.20 per share, in the prior-year period.