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Addvalue Technologies swings to loss in fiscal Q3

Addvalue Technologies Ltd. said its normalized net income for the fiscal third quarter ended Dec. 31, 2015, was a loss of $662,500, compared with income of $165,000 in the year-earlier period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin fell to negative 31.6% from 3.8% in the year-earlier period.

Total revenue fell 51.5% year over year to $2.1 million from $4.3 million, and total operating expenses fell 30.4% year over year to $2.9 million from $4.2 million.

Reported net income totaled a loss of $1.1 million, or a loss of 0 cents per share, compared to income of $264,000, or 0 cents per share, in the year-earlier period.