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Eight Solutions Q1 loss widens YOY

Eight Solutions Inc. said its normalized net income for the first quarter was a loss of C$1.0 million, compared with a loss of C$341,820 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 161.3% from negative 5.5% in the year-earlier period.

Total revenue declined 89.6% on an annual basis to C$649,540 from C$6.2 million, and total operating expenses fell 63.6% from the prior-year period to C$2.5 million from C$7.0 million.

Reported net income came to a loss of C$1.6 million, or a loss of 3 cents per share, compared to income of C$4.4 million, or 9 cents per share, in the prior-year period.