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Western Capital Resources Q1 profit climbs 76.9% YOY

Western Capital Resources Inc. said its first-quarter normalized net income amounted to 14 cents per share, a decline of 11.2% from 16 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 $858,930, a gain of 76.9% from $485,520 in the prior-year period.

The normalized profit margin climbed to 5.9% from 5.0% in the year-earlier period.

Total revenue grew 50.1% year over year to $14.4 million from $9.6 million, and total operating expenses grew 47.9% year over year to $13.0 million from $8.8 million.

Reported net income grew 71.0% year over year to $836,060, or 14 cents per share, from $488,830, or 16 cents per share.