Appliance Recycling Centers of America Inc. said its normalized net income for the fiscal first quarter ended April 1 was a loss of 14 cents per share, compared with a loss of 7 cents per share in the prior-year period.
Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of $987,630, compared with a loss of $414,750 in the prior-year period.
The normalized profit margin dropped to negative 4.2% from negative 1.6% in the year-earlier period.
Total revenue fell 8.3% on an annual basis to $23.2 million from $25.3 million, and total operating expenses declined on an annual basis to $24.9 million from $26.1 million.
Reported net income totaled $2.2 million, or 32 cents per share, compared to a loss of $472,080, or a loss of 8 cents per share, in the year-earlier period.