AgJunction Inc. said its normalized net income for the first quarter came to $152,300, a decrease of 53.5% from $327,340 in the year-earlier period.
Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.
The normalized profit margin dropped to 1.0% from 2.7% in the year-earlier period.
Total revenue increased 28.1% year over year to $15.5 million from $12.1 million, and total operating expenses grew 32.7% from the prior-year period to $15.2 million from $11.5 million.
Reported net income decreased 66.4% from the prior-year period to $242,810, or 0 cents per share, from $723,220, or 1 cents per share.