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Wi2Wi swings to loss in Q1

Wi2Wi Corp. said its normalized net income for the first quarter was a loss of $172,500, compared with income of $286,880 in the prior-year period.

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

The normalized profit margin dropped to negative 6.0% from 6.2% in the year-earlier period.

Total revenue fell 49.1% on an annual basis to $2.4 million from $4.6 million, and total operating expenses fell 35.7% year over year to $2.6 million from $4.1 million.

Reported net income came to a loss of $276,000, or a loss of 0 cents per share, compared to income of $439,000, or 0 cents per share, in the prior-year period.