U-Swirl, Inc. reported unaudited earnings results for the first quarter ended May 31, 2015. For the quarter, the company reported total revenues of $2,108,000 against $2,501,000 a year ago. Income from operations was $350,000 against $380,000 a year ago.

Income before income taxes was $345,000 against $377,000 a year ago. Net income was $279,000 against $377,000 a year ago. Basic and diluted earnings per share were $0.01 against $0.02 a year ago.

Non-GAAP, adjusted EBITDA was $566,000 against $636,000 a year ago. The company recorded pretax net income of $345,019 compared with pretax net income of $376,563 in the first quarter of fiscal 2015. The company reported operating income of $350,028 for a reduction of 8% when compared with operating income of $379,412 in the first quarter of fiscal 2015.

The decrease in operating income was primarily the result of less benefit being realized from the fair value adjustment of the company's convertible debt.