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Western Capital Resources Q3 profit falls YOY

Western Capital Resources Inc. said its normalized net income for the third quarter came to 9 cents per share, a decline of 16.7% from 10 cents per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $829,840, a decline of 16.7% from $996,250 in the year-earlier period.

The normalized profit margin dropped to negative 0.2% from 4.5% in the year-earlier period.

Total revenue rose year over year to $22.5 million from $22.0 million, and total operating expenses increased from the prior-year period to $21.1 million from $20.2 million.

Reported net income decreased 10.7% on an annual basis to $780,350, or 8 cents per share, from $873,600, or 9 cents per share.