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LogMeIn swings to loss in Q1

LogMeIn Inc. said its first-quarter normalized net income came to a loss of 2 cents per share, compared with the S&P Capital IQ consensus estimate of 30 cents per share.

The per-share result swung to a loss from the prior-year profit of 11 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of $595,630, compared with income of $2.9 million in the prior-year period.

The normalized profit margin fell to 1.2% from 4.8% in the year-earlier period.

Total revenue rose 30.5% year over year to $79.7 million from $61.1 million, and total operating expenses grew 38.5% from the prior-year period to $80.1 million from $57.8 million.

Reported net income totaled a loss of $1.0 million, or a loss of 4 cents per share, compared to income of $255,570, or 1 cents per share, in the prior-year period.