SCI Engineered Materials Inc. said its first-quarter normalized net income amounted to a loss of 4 cents per share, compared with 2 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 $144,770, compared with income of $64,250 in the year-earlier period.
The normalized profit margin fell to negative 10.5% from 2.4% in the year-earlier period.
Total revenue fell 49.6% year over year to $1.4 million from $2.7 million, and total operating expenses fell 38.9% from the prior-year period to $1.6 million from $2.6 million.
Reported net income totaled a loss of $241,460, or a loss of 6 cents per share, compared to income of $79,410, or 2 cents per share, in the prior-year period.