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Innova Gaming swings to profit in Q1

Innova Gaming Group Inc. said its normalized net income for the first quarter amounted to $317,000, compared with a loss of $401,020 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 1.3% from negative 8.5% in the year-earlier period.

Total revenue declined on an annual basis to $4.6 million from $4.7 million, and total operating expenses decreased 26.8% on an annual basis to $3.8 million from $5.2 million.

Reported net income came to $40,520, compared with a loss of $747,480 in the year-earlier period.