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Cortex Business Solutions fiscal Q2 loss narrows YOY

Cortex Business Solutions Inc. said its normalized net income for the fiscal second quarter ended Jan. 31 was a loss of 4 Canadian cents per share, compared with the S&P Capital IQ consensus estimate of a loss of 9 cents per share.

The per-share loss decreased 79.4% year over year from 17 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of C$320,840, compared with a loss of C$1.3 million in the prior-year period.

The normalized profit margin increased to negative 12.5% from negative 44.7% in the year-earlier period.

Total revenue declined 9.4% year over year to C$2.6 million from C$2.8 million, and total operating expenses decreased 36.6% on an annual basis to C$3.1 million from C$4.8 million.

Reported net income came to a loss of C$630,550, or a loss of 7 cents per share, compared to a loss of C$2.3 million, or a loss of 31 cents per share, in the year-earlier period.