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Cloud Nine Education fiscal Q1 loss widens 8.4% YOY

Cloud Nine Education Group Ltd. said its normalized net income for the fiscal first quarter ended Dec. 31, 2015, amounted to a loss of C$116,940, compared with a loss of C$107,890 in the prior-year period.

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

The normalized profit margin declined to negative 48.7% from negative 25.8% in the year-earlier period.

Total revenue declined 42.6% year over year to C$240,040 from C$418,550, and total operating expenses decreased 31.9% on an annual basis to C$400,550 from C$588,540.

Reported net income totaled a loss of C$323,380, or a loss of 1 cents per share, compared to a loss of C$172,620 in the prior-year period.