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Wireless Telecom swings to loss in Q1

Wireless Telecom Group Inc. said its normalized net income for the first quarter came to a loss of 3 cents per share, compared with 1 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 a loss of $601,410, compared with income of $213,750 in the prior-year period.

The normalized profit margin declined to negative 9.4% from 2.5% in the year-earlier period.

Total revenue fell 26.2% on an annual basis to $6.4 million from $8.6 million, and total operating expenses declined 12.1% year over year to $7.3 million from $8.3 million.

Reported net income came to a loss of $570,410, or a loss of 3 cents per share, compared to income of $206,770, or 1 cents per share, in the prior-year period.