ModSys International Ltd. said its normalized net income for the first quarter was a loss of 2 cents per share, compared with a loss of 5 cents per share in the year-earlier period.
Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of $348,750, compared with a loss of $833,130 in the prior-year period.
The normalized profit margin rose to negative 12.3% from negative 36.4% in the year-earlier period.
Total revenue increased 23.7% on an annual basis to $2.8 million from $2.3 million, and total operating expenses declined 9.2% year over year to $3.3 million from $3.7 million.
Reported net income totaled a loss of $547,000, or a loss of 3 cents per share, compared to a loss of $1.4 million, or a loss of 8 cents per share, in the prior-year period.