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Kernel Holding swings to profit in fiscal Q2

Kernel Holding SA said its normalized net income for the fiscal second quarter ended Dec. 31, 2014, came to $39.4 million, compared with a loss of $656,880 in the prior-year period.

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

The normalized profit margin climbed to 6.0% from negative 0.1% in the year-earlier period.

Total revenue declined 10.1% on an annual basis to $652.5 million from $725.5 million, and total operating expenses declined 23.8% from the prior-year period to $528.7 million from $694.1 million.

Reported net income totaled $55.8 million, or 70 cents per share, compared to a loss of $11.2 million, or a loss of 14 cents per share, in the prior-year period.