Propel Media Inc. said its first-quarter normalized net income amounted to a loss of $562,500, compared with income of $1.4 million in the prior-year period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin declined to negative 3.7% from 6.5% in the year-earlier period.

Total revenue decreased 28.7% on an annual basis to $15.3 million from $21.5 million, and total operating expenses declined 22.9% year over year to $13.0 million from $16.8 million.

Reported net income came to a loss of $663,000, or a loss of 0 cents per share, compared to income of $33.6 million, or 15 cents per share, in the year-earlier period.