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Planet Fitness swings to loss in Q1

Planet Fitness Inc. said its normalized net income for the first quarter amounted to a loss of 2 cents per share, compared with the S&P Capital IQ consensus estimate of 13 cents per share.

The per-share result swung to a loss from the prior-year profit of 5 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of $704,500, compared with income of $5.4 million in the year-earlier period.

The normalized profit margin declined to negative 0.8% from 7.0% in the year-earlier period.

Total revenue rose 8.3% on an annual basis to $83.3 million from $76.9 million, and total operating expenses decreased 7.8% year over year to $57.7 million from $62.6 million.

Reported net income decreased 60.0% from the prior-year period to $3.4 million, or 9 cents per share, from $8.4 million, or 9 cents per share.