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CoroWare Q1 loss widens YOY

CoroWare Inc. said its normalized net income for the first quarter came to a loss of $2.3 million, compared with a loss of $686,300 in the year-earlier period.

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

The normalized profit margin fell to negative 137.9% from negative 85.9% in the year-earlier period.

Total revenue rose year over year to $1.6 million from $798,540, and total operating expenses increased 97.3% year over year to $1.9 million from $987,230.

Reported net income came to a loss of $7.3 million, or a loss of 0 cents per share, compared to a loss of $1.3 million, or a loss of 0 cents per share, in the year-earlier period.