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M.T.I Wireless Edge swings to loss in Q1

M.T.I Wireless Edge Ltd. said its first-quarter normalized net income was a loss of $129,000, compared with income of $23,130 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 2.5% from 0.7% in the year-earlier period.

Total revenue grew 48.3% year over year to $5.3 million from $3.5 million, and total operating expenses rose 57.1% year over year to $5.3 million from $3.4 million.

Reported net income came to a loss of $150,000, or a loss of 0 cents per share, compared to income of $72,200, or 0 cents per share, in the prior-year period.