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DEAG Deutsche Entertainment swings to loss in Q1

DEAG Deutsche Entertainment AG said its normalized net income for the first quarter came to a loss of 1 euro cents per share, compared with 5 cents per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of €242,000, compared with income of €873,880 in the prior-year period.

The normalized profit margin climbed to 11.4% from 2.2% in the year-earlier period.

Total revenue fell 19.5% on an annual basis to €31.3 million from €38.9 million, and total operating expenses fell 16.1% year over year to €31.0 million from €36.9 million.

Reported net income came to a loss of €355,000, or a loss of 2 cents per share, compared to income of €1.2 million, or 7 cents per share, in the year-earlier period.