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VersaPay Q1 loss widens 24.9% YOY

VersaPay Corp. said its first-quarter normalized net income came to a loss of 4 Canadian cents per share, compared with the S&P Capital IQ consensus estimate of a loss of 5 cents per share.

The per-share loss grew 6.5% year over year from 4 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of C$963,260, compared with a loss of C$771,130 in the prior-year period.

Total revenue increased 16.6% on an annual basis to C$1.4 million from C$1.2 million, and total operating expenses grew 18.6% from the prior-year period to C$2.9 million from C$2.5 million.

Reported net income totaled a loss of C$1.5 million, or a loss of 6 cents per share, compared to a loss of C$1.2 million, or a loss of 6 cents per share, in the prior-year period.