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SPY Q2 loss narrows YOY

SPY Inc. said its second-quarter normalized net income amounted to a loss of 2 cents per share, compared with a loss of 3 cents per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of $322,500, compared with a loss of $366,880 in the prior-year period.

The normalized profit margin rose to negative 4.0% from negative 4.5% in the year-earlier period.

Total revenue totaled $8.1 million, compared with $8.2 million in the year-earlier period, and total operating expenses increased on an annual basis to $8.2 million from $8.1 million.

Reported net income came to a loss of $537,240, or a loss of 4 cents per share, compared to a loss of $801,480, or a loss of 6 cents per share, in the year-earlier period.