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XcelMobility swings to profit in Q1

XcelMobility Inc. said its normalized net income for the first quarter came to $34,000, compared with a loss of $19,620 in the year-earlier period.

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

The normalized profit margin increased to 165.2% from negative 26.4% in the year-earlier period.

Total revenue declined 72.3% year over year to $20,570 from $74,370, and total operating expenses declined 21.1% from the prior-year period to $178,210 from $225,840.

Reported net income totaled $70,070, or 0 cents per share, compared to a loss of $21,400, or a loss of 0 cents per share, in the year-earlier period.