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Innova Gaming profit beats consensusin Q1

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Innova Gaming profit beats consensusin Q1

Innova Gaming Group Inc. said its first-quarter normalized net income came to 3 cents per share, compared with the S&P Capital IQ consensus estimate of 1 cents per share.

EPS increased 26.9% year over year from 3 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $643,050, an increase of 24.6% from $516,070 in the year-earlier period.

The normalized profit margin climbed to 11.3% from 9.6% in the year-earlier period.

Total revenue rose 6.0% on an annual basis to $5.7 million from $5.4 million, and total operating expenses decreased 6.8% from the prior-year period to $5.0 million from $5.4 million.

Reported net income fell 39.6% from the prior-year period to $521,430, or 3 cents per share, from $863,770, or 4 cents per share.