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Renoworks Software swings to loss in Q1

RenoWorks Software Inc. said its first-quarter normalized net income came to a loss of C$61,530, compared with income of C$42,050 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 9.5% from 7.9% in the year-earlier period.

Total revenue rose 21.5% on an annual basis to C$649,570 from C$534,720, and total operating expenses grew 44.8% year over year to C$711,790 from C$491,480.

Reported net income totaled a loss of C$98,450, or a loss of 0 cents per share, compared to income of C$67,280, or 0 cents per share, in the prior-year period.