Satcom Systems Ltd. said its first-quarter normalized net income was $184,380, a gain from $90,000 in the prior-year period.
Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.
The normalized profit margin increased to 2.3% from 0.9% in the year-earlier period.
Total revenue decreased 19.2% on an annual basis to $8.0 million from $9.9 million, and total operating expenses declined 21.3% on an annual basis to $7.6 million from $9.7 million.
Reported net income grew 29.2% year over year to $186,000, or 1 cents per share, from $144,000, or 0 cents per share.