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I.D. Systems Q1 loss narrows YOY

PowerFleet Inc. said its first-quarter normalized net income came to a loss of 3 cents per share, compared with the S&P Capital IQ consensus estimate of a loss of 2 cents per share.

The per-share loss decreased 83.2% year over year from 20 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of $436,250, compared with a loss of $2.5 million in the year-earlier period.

The normalized profit margin climbed to negative 4.2% from negative 22.2% in the year-earlier period.

Total revenue decreased 5.8% year over year to $10.5 million from $11.1 million, and total operating expenses declined 26.2% year over year to $11.2 million from $15.2 million.

Reported net income totaled a loss of $698,000, or a loss of 5 cents per share, compared to a loss of $3.9 million, or a loss of 32 cents per share, in the prior-year period.