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One Group Hospitality swings to loss in Q1

One Group Hospitality Inc. said its normalized net income for the first quarter was a loss of 4 cents per share, compared with the S&P Capital IQ consensus estimate of a loss of 1 cents per share.

The per-share result swung to a loss from the prior-year profit of 2 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of $1.0 million, compared with income of $393,710 in the prior-year period.

The normalized profit margin dropped to negative 9.7% from 3.8% in the year-earlier period.

Total revenue grew 14.6% on an annual basis to $11.8 million from $10.3 million, and total operating expenses climbed 33.4% from the prior-year period to $13.5 million from $10.1 million.

Reported net income totaled a loss of $1.1 million, or a loss of 4 cents per share, compared to income of $203,370, or 1 cents per share, in the prior-year period.