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SPY Q1 loss narrows YOY

SPY Inc. said its normalized net income for the first quarter amounted to a loss of 2 cents per share, compared with a loss of 3 cents per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of $254,380, compared with a loss of $461,880 in the prior-year period.

The normalized profit margin increased to negative 2.8% from negative 5.0% in the year-earlier period.

Total revenue totaled $9.1 million, compared with $9.2 million in the year-earlier period, and total operating expenses declined year over year to $8.9 million from $9.1 million.

Reported net income came to a loss of $402,300, or a loss of 3 cents per share, compared to a loss of $793,320, or a loss of 6 cents per share, in the year-earlier period.