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IFabric swings to loss in fiscal Q2

iFabric Corp. said its normalized net income for the fiscal second quarter ended March 31 was a loss of C$276,290, compared with income of C$151,430 in the year-earlier period.

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

The normalized profit margin dropped to negative 9.0% from 4.7% in the year-earlier period.

Total revenue declined 5.5% on an annual basis to C$3.1 million from C$3.3 million, and total operating expenses increased from the prior-year period to C$3.3 million from C$3.2 million.

Reported net income totaled a loss of C$337,010, or a loss of 1 cents per share, compared to income of C$135,580, or 0 cents per share, in the prior-year period.