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Spacecom swings to loss in Q1

Space-Communication Ltd. said its normalized net income for the first quarter came to a loss of 29 cents per share, compared with 18 cents per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of $5.9 million, compared with income of $3.6 million in the prior-year period.

The normalized profit margin declined to negative 35.3% from 13.4% in the year-earlier period.

Total revenue decreased 38.3% year over year to $16.7 million from $27.1 million, and total operating expenses fell 32.9% from the prior-year period to $14.2 million from $21.2 million.

Reported net income totaled a loss of $5.1 million, or a loss of 25 cents per share, compared to income of $3.3 million, or 16 cents per share, in the year-earlier period.