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Western Capital Resources Q1 profit climbs YOY

Western Capital Resources Inc. said its normalized net income for the first quarter came to 21 cents per share, an increase of 44.1% from 14 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 $2.0 million, an increase from $858,930 in the year-earlier period.

The normalized profit margin climbed to 6.9% from 5.9% in the year-earlier period.

Total revenue climbed 96.9% year over year to $28.4 million from $14.4 million, and total operating expenses rose 93.9% from the prior-year period to $25.1 million from $13.0 million.

Reported net income grew from the prior-year period to $2.0 million, or 21 cents per share, from $836,060, or 14 cents per share.