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Iao Kun Group Holding swings to loss in Q1

Iao Kun Group Holding Co. Ltd. said its first-quarter normalized net income amounted to a loss of 21 cents per share, compared with the S&P Capital IQ consensus estimate of a loss of 24 cents per share.

The per-share result swung to a loss from the prior-year profit of 24 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of $2.2 million, compared with income of $2.5 million in the prior-year period.

The normalized profit margin declined to negative 12.2% from 6.0% in the year-earlier period.

Total revenue decreased 57.0% on an annual basis to $17.9 million from $41.7 million, and total operating expenses fell 43.2% on an annual basis to $21.4 million from $37.7 million.

Reported net income came to a loss of $3.8 million, or a loss of 36 cents per share, compared to income of $17.2 million, or $1.66 per share, in the prior-year period.