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Xcel Brands swings to loss in Q1

Xcel Brands Inc. said its first-quarter normalized net income amounted to a loss of $60,000, compared with income of $241,880 in the year-earlier period.

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

The normalized profit margin declined to negative 0.7% from 3.7% in the year-earlier period.

Total revenue increased 27.3% on an annual basis to $8.4 million from $6.6 million, and total operating expenses grew 41.5% from the prior-year period to $8.1 million from $5.7 million.

Reported net income totaled a loss of $45,000, or a loss of 0 cents per share, compared to a loss of $118,000, or a loss of 1 cents per share, in the prior-year period.