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One Group Hospitality swings to loss in Q2


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One Group Hospitality swings to loss in Q2

One Group Hospitality Inc. said its normalized net income for the second quarter came to a loss of 3 cents per share, compared with the S&P Capital IQ consensus estimate of 5 cents per share.

The per-share result swung to a loss from the prior-year profit of 5 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of $677,760, compared with income of $1.3 million in the prior-year period.

The normalized profit margin fell to negative 3.9% from 8.7% in the year-earlier period.

Total revenue climbed 15.6% year over year to $17.2 million from $14.9 million, and total operating expenses rose 12.4% on an annual basis to $18.2 million from $16.2 million.

Reported net income came to a loss of $1.6 million, or a loss of 6 cents per share, compared to income of $8.4 million, or 34 cents per share, in the year-earlier period.