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AMERI Holdings swings to loss in Q1

AMERI Holdings Inc. said its normalized net income for the first quarter came to a loss of 4 cents per share, compared with 7 cents per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of $489,280, compared with income of $672,930 in the year-earlier period.

The normalized profit margin fell to negative 7.0% from 15.7% in the year-earlier period.

Total revenue grew 63.7% year over year to $7.0 million from $4.3 million, and total operating expenses climbed on an annual basis to $7.6 million from $3.2 million.

Reported net income came to a loss of $1.2 million, or a loss of 10 cents per share, compared to income of $1.1 million, or 11 cents per share, in the year-earlier period.