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CI Systems (Israel) Q1 loss widens YOY

CI Systems (Israel) Ltd. said its normalized net income for the first quarter came to a loss of $159,380, compared with a loss of $18,130 in the prior-year period.

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

The normalized profit margin dropped to negative 4.0% from negative 0.5% in the year-earlier period.

Total revenue rose 6.0% on an annual basis to $4.0 million from $3.8 million, and total operating expenses increased 10.8% on an annual basis to $4.2 million from $3.8 million.

Reported net income came to a loss of $144,000, or a loss of 1 cents per share, compared to a loss of $20,000, or a loss of 0 cents per share, in the year-earlier period.