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NTG Clarity Networks swings to loss in Q1

NTG Clarity Networks Inc. said its first-quarter normalized net income amounted to a loss of 3 Canadian cents per share, compared with 1 cents per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of C$1.0 million, compared with income of C$568,740 in the year-earlier period.

The normalized profit margin declined to negative 42.8% from 11.4% in the year-earlier period.

Total revenue declined 51.4% year over year to C$2.4 million from C$5.0 million, and total operating expenses declined 7.6% on an annual basis to C$4.0 million from C$4.4 million.

Reported net income totaled a loss of C$1.7 million, or a loss of 5 cents per share, compared to income of C$785,120, or 2 cents per share, in the year-earlier period.