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MTI Computers & Software Services Q1 profit falls YOY

MTI Computers and Software Services (1982) Ltd. said its first-quarter normalized net income was $59,500, a decrease of 25.7% from $80,130 in the prior-year period.

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

The normalized profit margin declined to 0.8% from 1.6% in the year-earlier period.

Total revenue climbed 36.5% on an annual basis to $7.0 million from $5.2 million, and total operating expenses climbed 42.5% from the prior-year period to $6.9 million from $4.9 million.

Reported net income fell 50.0% year over year to $81,190, or 1 cents per share, from $162,380, or 1 cents per share.