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Summer Infant swings to loss in fiscal Q1

Summer Infant Inc. said its normalized net income for the fiscal first quarter ended April 4 was a loss of 1 cents per share, compared with the S&P Capital IQ consensus estimate of 6 cents per share.

The per-share result swung to a loss from the prior-year profit of 4 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of $239,380, compared with income of $645,000 in the first quarter ended March 31, 2014.

The normalized profit margin fell to negative 0.5% from 1.3% in the year-earlier period.

Total revenue grew on an annual basis to $53.0 million from $50.8 million, and total operating expenses rose 7.4% year over year to $52.5 million from $48.9 million.

Reported net income totaled a loss of $181,780, or a loss of 1 cents per share, compared to income of $179,990, or 1 cents per share, in the first quarter ended March 31, 2014.