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Lextar Electronics swings to loss in Q1

Lextar Electronics Corp. said its normalized net income for the first quarter was a loss of 9 Taiwan cents per share, compared with the S&P Capital IQ consensus estimate of 1 cents per share.

The per-share result swung to a loss from the prior-year profit of 17 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of NT$54.0 million, compared with income of NT$116.1 million in the prior-year period.

The normalized profit margin fell to negative 1.6% from 3.3% in the year-earlier period.

Total revenue decreased on an annual basis to NT$3.39 billion from NT$3.50 billion, and total operating expenses climbed year over year to NT$3.44 billion from NT$3.31 billion.

Reported net income came to a loss of NT$17.6 million, or a loss of 3 cents per share, compared to income of NT$171.6 million, or 25 cents per share, in the year-earlier period.

As of May 11, US$1 was equivalent to NT$32.52.