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Inrad Optics swings to loss in Q1

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.