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Credit One Financial swings to profit in Q1

Credit One Financial Inc. said its first-quarter normalized net income amounted to $82,080, compared with a loss of $4,060 in the year-earlier period.

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

The normalized profit margin rose to 121.5% from negative 7.0% in the year-earlier period.

Total revenue increased 16.4% on an annual basis to $67,540 from $58,020, and total operating expenses decreased 48.1% on an annual basis to $86,560 from $166,710.

Reported net income came to $131,320, or 0 cents per share, compared to a loss of $6,500, or a loss of 0 cents per share, in the prior-year period.