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BSM Technologies swings to profit in fiscal Q1

BSM Technologies Inc. said its normalized net income for the fiscal first quarter ended Dec. 31, 2015, came to C$310,560, compared with a loss of C$477,810 in the prior-year period.

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

The normalized profit margin rose to 2.0% from negative 6.1% in the year-earlier period.

Total revenue increased 99.9% on an annual basis to C$15.7 million from C$7.9 million, and total operating expenses climbed 79.1% year over year to C$15.5 million from C$8.7 million.

Reported net income totaled a loss of C$531,990, or a loss of 1 cents per share, compared to a loss of C$774,080, or a loss of 2 cents per share, in the prior-year period.