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Avante Logixx Inc profit misses consensus by 73.8% in fiscal Q1

Avante Logixx Inc. said its normalized net income for the fiscal first quarter ended June 30 amounted to C$213,870, an increase of 64.5% from C$130,030 in the prior-year period.

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

The normalized profit margin declined to 6.4% from 6.4% in the year-earlier period.

Total revenue increased 65.6% year over year to C$3.4 million from C$2.0 million, and total operating expenses grew 65.3% on an annual basis to C$3.0 million from C$1.8 million.

Reported net income increased 59.8% from the prior-year period to C$244,560, or 0 cents per share, from C$153,060, or 0 cents per share.