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Network Media swings to profit in fiscal Q1

Network Media Group Inc. said its normalized net income for the fiscal first quarter ended Feb. 29 amounted to C$355,990, compared with a loss of C$114,050 in the prior-year period.

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

The normalized profit margin was 13.7%.

Total revenue rose year over year to C$2.6 million from C$13,770, and total operating expenses climbed on an annual basis to C$1.9 million from C$175,320.

Reported net income came to C$586,110, or 1 cents per share, compared to a loss of C$188,320, or a loss of 0 cents per share, in the prior-year period.