Inrad Optics Inc. said its first-quarter normalized net income was a loss of $251,370, compared with income of $11,170 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 10.7% from 0.4% in the year-earlier period.
Total revenue fell 7.2% year over year to $2.3 million from $2.5 million, and total operating expenses rose 9.7% on an annual basis to $2.7 million from $2.5 million.
Reported net income came to a loss of $382,000, or a loss of 3 cents per share, compared to income of $17,870, or 0 cents per share, in the year-earlier period.