Koda Ltd. said its normalized net income for the fiscal first quarter ended Sept. 30 was $497,250, an increase of 19.3% from $416,880 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 5.6% from 3.0% in the year-earlier period.
Total revenue declined 36.4% year over year to $8.8 million from $13.9 million, and total operating expenses decreased 35.4% year over year to $8.7 million from $13.5 million.
Reported net income increased 22.3% from the prior-year period to $670,000, or 1 cents per share, from $548,000, or 1 cents per share.