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Appliance Recycling Centers of America swings to loss in fiscal Q1

Appliance Recycling Centers of America Inc. said its normalized net income for the fiscal first quarter ended April 4 was a loss of 22 cents per share, compared with 13 cents per share in the first quarter ended March 29, 2014.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of $1.3 million, compared with income of $734,250 in the first quarter ended March 29, 2014.

The normalized profit margin fell to negative 4.6% from 2.2% in the year-earlier period.

Total revenue declined 16.8% year over year to $27.5 million from $33.1 million, and total operating expenses fell 6.0% on an annual basis to $29.5 million from $31.4 million.

Reported net income came to a loss of $1.7 million, or a loss of 29 cents per share, compared to income of $702,240, or 12 cents per share, in the first quarter ended March 29, 2014.