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Thin Film Electronics Q1 loss widens 47.7% YOY

Thin Film Electronics ASA said its first-quarter normalized net income came to a loss of $6.2 million, compared with a loss of $4.2 million in the year-earlier period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

Total revenue fell 40.7% on an annual basis to $150,000 from $253,000, and total operating expenses increased 29.5% from the prior-year period to $9.1 million from $7.0 million.

Reported net income came to a loss of $11.6 million, or a loss of 2 cents per share, compared to a loss of $5.3 million, or a loss of 1 cents per share, in the year-earlier period.