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Avante Logixx Inc fiscal Q1 profit falls YOY

Avante Logixx Inc. said its normalized net income for the fiscal first quarter ended June 30 amounted to C$130,030, a decrease of 51.6% from C$268,870 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 6.4% from 11.5% in the year-earlier period.

Total revenue fell 13.2% on an annual basis to C$2.0 million from C$2.3 million, and total operating expenses fell 5.1% year over year to C$1.8 million from C$1.9 million.

Reported net income fell 63.2% from the prior-year period to C$153,060, or 0 cents per share, from C$415,700, or 1 cents per share.