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AVerMedia Technologies Q1 loss widens YOY

AVerMedia Technologies Inc. said its normalized net income for the first quarter amounted to a loss of 23 Taiwan cents per share, compared with a loss of 7 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 NT$45.8 million, compared with a loss of NT$13.0 million in the year-earlier period.

The normalized profit margin declined to negative 9.0% from negative 2.0% in the year-earlier period.

Total revenue declined 21.9% on an annual basis to NT$508.7 million from NT$651.5 million, and total operating expenses fell 12.0% from the prior-year period to NT$606.7 million from NT$689.2 million.

Reported net income came to a loss of NT$82.6 million, or a loss of 42 cents per share, compared to a loss of NT$21.8 million, or a loss of 11 cents per share, in the year-earlier period.

As of May 15, US$1 was equivalent to NT$30.44.