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Lite Access Technologies fiscal Q1 loss widens YOY

Lite Access Technologies Inc. said its normalized net income for the fiscal first quarter ended Dec. 31, 2015, came to a loss of C$222,540, compared with a loss of C$13,700 in the prior-year period.

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

The normalized profit margin fell to negative 27.4% from negative 9.9% in the year-earlier period.

Total revenue climbed year over year to C$813,550 from C$138,080, and total operating expenses increased from the prior-year period to C$1.2 million from C$160,560.

Reported net income totaled a loss of C$302,270, or a loss of 1 cents per share, compared to a loss of C$21,930, or a loss of 0 cents per share, in the year-earlier period.