Invermar SA said its first-quarter normalized net income amounted to a loss of $2.6 million, compared with a loss of $3.4 million in the year-earlier period.
Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.
The normalized profit margin climbed to negative 12.6% from negative 14.4% in the year-earlier period.
Total revenue decreased 14.2% year over year to $20.0 million from $23.3 million, and total operating expenses declined 11.7% year over year to $24.8 million from $28.0 million.
Reported net income totaled $66.8 million, or 23 cents per share, compared to a loss of $4.5 million, or a loss of 2 cents per share, in the prior-year period.