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Vuzix swings to loss in Q1

Vuzix Corp. said its normalized net income for the first quarter came to a loss of 23 cents per share, compared with the S&P Capital IQ consensus estimate of a loss of 8 cents per share.

The per-share result swung to a loss from the prior-year profit of 8 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of $3.2 million, compared with income of $944,940 in the prior-year period.

Total revenue increased year over year to $809,160 from $798,420, and total operating expenses rose year over year to $4.5 million from $1.8 million.

Reported net income totaled a loss of $5.4 million, or a loss of 40 cents per share, compared to income of $1.5 million, or 13 cents per share, in the year-earlier period.