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Deer Valley fiscal Q1 loss narrows YOY

Deer Valley Corp. said its normalized net income for the fiscal first quarter ended March 28 was a loss of $12,340, compared with a loss of $316,170 in the prior-year period.

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

The normalized profit margin rose to negative 0.2% from negative 6.1% in the year-earlier period.

Total revenue grew 21.5% on an annual basis to $6.3 million from $5.2 million, and total operating expenses grew 11.1% on an annual basis to $6.3 million from $5.7 million.

Reported net income came to a loss of $24,960, or a loss of 0 cents per share, compared to a loss of $308,660, or a loss of 2 cents per share, in the year-earlier period.