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Genie Gateway swings to profit in Q1

Genie Gateway said its first-quarter normalized net income amounted to $12,230, compared with a loss of $25,400 in the year-earlier period.

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

The normalized profit margin climbed to 5.9% from negative 21.8% in the year-earlier period.

Total revenue climbed 79.6% on an annual basis to $208,940 from $116,350, and total operating expenses rose 14.3% from the prior-year period to $189,140 from $165,500.

Reported net income came to $19,570, or 0 cents per share, compared to a loss of $40,640, or a loss of 1 cents per share, in the year-earlier period.