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USA Technologies swings to loss in fiscal Q2

USA Technologies Inc. said its normalized net income for the fiscal second quarter ended Dec. 31, 2015, came to a loss of $383,750, compared with income of $88,130 in the prior-year period.

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

The normalized profit margin fell to negative 2.1% from 0.7% in the year-earlier period.

Total revenue climbed 44.3% on an annual basis to $18.5 million from $12.8 million, and total operating expenses grew 39.4% from the prior-year period to $17.8 million from $12.8 million.

Reported net income came to a loss of $716,580, or a loss of 2 cents per share, compared to a loss of $356,580, or a loss of 1 cents per share, in the prior-year period.