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FalconStor Software swings to loss in Q1

FalconStor Software Inc. said its normalized net income for the first quarter came to a loss of 6 cents per share, compared with 7 cents per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of $2.6 million, compared with income of $3.8 million in the prior-year period.

The normalized profit margin declined to negative 34.4% from 19.0% in the year-earlier period.

Total revenue fell 62.7% on an annual basis to $7.4 million from $19.9 million, and total operating expenses fell 13.2% on an annual basis to $11.6 million from $13.4 million.

Reported net income totaled a loss of $4.6 million, or a loss of 11 cents per share, compared to income of $5.1 million, or 10 cents per share, in the year-earlier period.