Futura Loyalty Group Inc. (FUT.V: Quote) Thursday reported a loss for the first-quarter, wider than last year, due mainly to higher operating expenses.
Net loss for the quarter widened to $1.0 million from $265 thousand in the same period last year. Loss before financial activities were $770 thousand, compared to $215 thousand in the prior-year quarter.
Excluding breakage revenues and expenses, loss before financial activities was $809 thousand, compared to $303 thousand last year.
First-quarter revenues grew to $507 thousand from $403 thousand last year. Revenues, excluding breakage, for the same periods totaled $451 thousand, up from $315 thousand last year.
Operating expenses for the quarter increased to $1.0 million from $436 thousand last year. The increase in operating expenses was primarily the result of restructuring costs accruals and increased operating costs as the Company ramped up operations in the US.
Gross margins for the period were $238 thousand, compared to $222 thousand last year.
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by RTT Staff Writer
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