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UpSnap Q1 loss narrows YOY

UpSnap Inc. said its normalized net income for the first quarter was a loss of C$195,000, compared with a loss of C$226,250 in the year-earlier period.

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

The normalized profit margin climbed to negative 15.6% from negative 16.3% in the year-earlier period.

Total revenue decreased 9.9% on an annual basis to C$1.3 million from C$1.4 million, and total operating expenses declined 9.3% on an annual basis to C$1.6 million from C$1.7 million.

Reported net income came to a loss of C$312,000, or a loss of 0 cents per share, compared to a loss of C$362,000, or a loss of 0 cents per share, in the prior-year period.