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Spectra7 Microsystems Q1 loss narrows YOY

Spectra7 Microsystems Inc. said its normalized net income for the first quarter was a loss of 1 cents per share, compared with the S&P Capital IQ consensus estimate of a loss of 2 cents per share.

The per-share loss decreased 42.2% year over year from 2 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of $1.6 million, compared with a loss of $2.0 million in the prior-year period.

The normalized profit margin increased to negative 62.3% from negative 291.5% in the year-earlier period.

Total revenue climbed year over year to $2.5 million from $701,940, and total operating expenses rose 37.4% year over year to $5.0 million from $3.7 million.

Reported net income totaled a loss of $2.5 million, or a loss of 2 cents per share, compared to a loss of $3.3 million, or a loss of 3 cents per share, in the prior-year period.