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Veritec fiscal Q2 loss widens YOY

Veritec Inc. said its normalized net income for the fiscal second quarter ended Dec. 31, 2015, amounted to a loss of $176,810, compared with a loss of $26,140 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 189.3% from negative 6.6% in the year-earlier period.

Total revenue declined 76.5% on an annual basis to $93,430 from $397,830, and total operating expenses fell 27.1% year over year to $287,140 from $393,680.

Reported net income totaled a loss of $282,890, or a loss of 1 cents per share, compared to a loss of $41,820, or a loss of 0 cents per share, in the year-earlier period.