Tadir-Gan (Precision Products) 1993 Ltd. said its first-quarter normalized net income came to a loss of $1.2 million, compared with a loss of $449,380 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 6.2% from negative 1.9% in the year-earlier period.

Total revenue fell 18.7% on an annual basis to $19.3 million from $23.8 million, and total operating expenses declined 16.7% on an annual basis to $20.0 million from $24.0 million.

Reported net income totaled a loss of $1.8 million, or a loss of 1 cents per share, compared to a loss of $912,000, or a loss of 0 cents per share, in the prior-year period.