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Pivot Technology Solutions Q1 loss widens 13.8% YOY

Pivot Technology Solutions Inc. said its first-quarter normalized net income came to a loss of 6 cents per share, compared with the S&P Capital IQ consensus estimate of a loss of 8 cents per share.

The per-share loss narrowed 27.9% year over year from 9 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of $3.0 million, compared with a loss of $2.6 million in the prior-year period.

The normalized profit margin rose to negative 0.7% from negative 0.9% in the year-earlier period.

Total revenue increased 12.3% on an annual basis to $332.8 million from $296.4 million, and total operating expenses grew 12.6% year over year to $335.7 million from $298.1 million.

Reported net income came to a loss of $3.8 million, or a loss of 9 cents per share, compared to a loss of $3.6 million, or a loss of 12 cents per share, in the prior-year period.