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Maiden Lane Jewelry swings to loss in fiscal Q1

Maiden Lane Jewelry Ltd. said its normalized net income for the fiscal first quarter ended Aug. 31 came to a loss of $79,160, compared with income of $115,900 in the prior-year period.

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

The normalized profit margin dropped to negative 4.3% from 5.1% in the year-earlier period.

Total revenue fell 20.1% on an annual basis to $1.8 million from $2.3 million, and total operating expenses declined 8.6% from the prior-year period to $1.9 million from $2.1 million.

Reported net income totaled a loss of $104,700, or a loss of 1 cents per share, compared to income of $103,910, or 1 cents per share, in the prior-year period.