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STR Holdings Q1 loss widens 23.8% YOY

STR Holdings Inc. said its first-quarter normalized net income amounted to a loss of 11 cents per share, compared with a loss of 9 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 $2.0 million, compared with a loss of $1.6 million in the year-earlier period.

The normalized profit margin dropped to negative 30.8% from negative 23.2% in the year-earlier period.

Total revenue decreased 6.4% on an annual basis to $6.4 million from $6.9 million, and total operating expenses declined on an annual basis to $9.5 million from $9.9 million.

Reported net income totaled a loss of $2.9 million, or a loss of 16 cents per share, compared to a loss of $2.5 million, or a loss of 14 cents per share, in the prior-year period.