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Route1 swings to loss in Q1

Route1 Inc. said its first-quarter normalized net income was a loss of C$166,310, compared with income of C$207,470 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 9.7% from 13.5% in the year-earlier period.

Total revenue rose 11.7% on an annual basis to C$1.7 million from C$1.5 million, and total operating expenses increased 44.1% year over year to C$1.8 million from C$1.3 million.

Reported net income totaled a loss of C$266,100, or a loss of 0 cents per share, compared to income of C$593,720, or 0 cents per share, in the prior-year period.