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Steel Connect swings to loss in fiscal Q2

Steel Connect Inc. said its normalized net income for the fiscal second quarter ended Jan. 31 amounted to a loss of $8.8 million, compared with income of $260,630 in the prior-year period.

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

The normalized profit margin dropped to negative 7.5% from 0.2% in the year-earlier period.

Total revenue fell 19.1% year over year to $120.0 million from $148.3 million, and total operating expenses declined 10.6% from the prior-year period to $131.1 million from $146.6 million.

Reported net income came to a loss of $14.0 million, or a loss of 27 cents per share, compared to a loss of $1.5 million, or a loss of 3 cents per share, in the prior-year period.