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Redline Communications swings to loss in Q1

Redline Communications Group Inc. said its normalized net income for the first quarter was a loss of 3 cents per share, compared with the S&P Capital IQ consensus estimate of a loss of 3 cents per share.

The per-share result swung to a loss from the prior-year profit of 4 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of $579,670, compared with income of $664,900 in the prior-year period.

The normalized profit margin dropped to negative 9.3% from 6.9% in the year-earlier period.

Total revenue declined 35.4% on an annual basis to $6.2 million from $9.6 million, and total operating expenses fell 16.2% year over year to $7.2 million from $8.6 million.

Reported net income totaled a loss of $852,410, or a loss of 5 cents per share, compared to income of $1.1 million, or 6 cents per share, in the year-earlier period.