GlassBridge Enterprises Inc. said its first-quarter normalized net income amounted to a loss of $2.12 per share, compared with the S&P Capital IQ consensus estimate of a loss of $1.20 per share.
The per-share loss narrowed 9.0% year over year from $2.33.
Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of $7.9 million, compared with a loss of $9.6 million in the year-earlier period.
The normalized profit margin dropped to negative 73.6% from negative 60.9% in the year-earlier period.
Total revenue decreased 31.8% year over year to $10.7 million from $15.7 million, and total operating expenses fell 22.0% on an annual basis to $23.4 million from $30.0 million.
Reported net income came to a loss of $14.9 million, or a loss of $4.01 per share, compared to a loss of $15.6 million, or a loss of $3.80 per share, in the year-earlier period.