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Alliance Creative swings to loss in Q1

Alliance Creative Group Inc. said its first-quarter normalized net income was a loss of $31,990, compared with income of $70,140 in the year-earlier period.

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

The normalized profit margin fell to negative 1.2% from 2.3% in the year-earlier period.

Total revenue declined 12.8% on an annual basis to $2.7 million from $3.1 million, and total operating expenses fell 7.8% from the prior-year period to $2.7 million from $2.9 million.

Reported net income came to a loss of $51,180, or a loss of 0 cents per share, compared to income of $112,220, or 0 cents per share, in the year-earlier period.