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Mimecast swings to loss in fiscal Q3

Mimecast Ltd. said its normalized net income for the fiscal third quarter ended Dec. 31, 2015, amounted to a loss of 2 cents per share, compared with the S&P Capital IQ consensus estimate of a loss of 8 cents per share.

The per-share result swung to a loss from the prior-year profit of 7 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of $717,500, compared with income of $2.5 million in the prior-year period.

The normalized profit margin dropped to negative 1.9% from 8.5% in the year-earlier period.

Total revenue climbed 24.5% on an annual basis to $37.1 million from $29.8 million, and total operating expenses increased 44.0% on an annual basis to $39.3 million from $27.3 million.

Reported net income came to a loss of $1.3 million, or a loss of 3 cents per share, compared to income of $3.0 million, or 8 cents per share, in the prior-year period.