Acceleware Ltd. said its normalized net income for the first quarter was a loss of C$228,140, compared with a loss of C$223,650 in the prior-year period.

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

The normalized profit margin climbed to negative 51.6% from negative 68.0% in the year-earlier period.

Total revenue climbed 34.6% on an annual basis to C$442,540 from C$328,770, and total operating expenses rose 17.6% on an annual basis to C$807,880 from C$687,050.

Reported net income totaled a loss of C$365,020, or a loss of 1 cents per share, compared to a loss of C$357,830, or a loss of 1 cents per share, in the prior-year period.