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Veritec fiscal Q3 loss narrows YOY

Veritec Inc. said its normalized net income for the fiscal third quarter ended March 31 came to a loss of $135,110, compared with a loss of $173,800 in the prior-year period.

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

The normalized profit margin dropped to negative 178.0% from negative 100.9% in the year-earlier period.

Total revenue decreased 55.9% year over year to $75,900 from $172,190, and total operating expenses declined 26.7% from the prior-year period to $240,420 from $327,920.

Reported net income totaled a loss of $216,180, or a loss of 1 cents per share, compared to a loss of $278,080, or a loss of 2 cents per share, in the year-earlier period.