Tadir-Gan (Precision Products) 1993 Ltd. said its normalized net income for the second quarter amounted to a loss of $1.5 million, compared with a loss of $285,000 in the prior-year period.
Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.
The normalized profit margin dropped to negative 17.6% from negative 1.4% in the year-earlier period.
Total revenue declined 18.9% year over year to $15.9 million from $19.7 million, and total operating expenses fell 11.7% from the prior-year period to $17.9 million from $20.2 million.
Reported net income totaled a loss of $4.4 million, or a loss of 2 cents per share, compared to income of $912,000, or 0 cents per share, in the year-earlier period.