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Intelligent Systems Q1 loss narrows YOY

Intelligent Systems Corp. said its first-quarter normalized net income was a loss of 1 cents per share, compared with a loss of 2 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 a loss of $116,130, compared with a loss of $193,880 in the year-earlier period.

The normalized profit margin climbed to negative 7.1% from negative 18.1% in the year-earlier period.

Total revenue climbed 54.1% year over year to $1.6 million from $1.1 million, and total operating expenses grew 15.5% year over year to $2.0 million from $1.7 million.

Reported net income came to a loss of $960,440, or a loss of 11 cents per share, compared to a loss of $451,460, or a loss of 5 cents per share, in the year-earlier period.