Iveda Solutions Inc. said its first-quarter normalized net income came to a loss of 1 cents per share, compared with a loss of 2 cents per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of $365,310, compared with a loss of $524,620 in the prior-year period.

The normalized profit margin increased to negative 88.6% from negative 99.8% in the year-earlier period.

Total revenue declined 21.5% on an annual basis to $412,520 from $525,820, and total operating expenses fell 28.8% year over year to $979,360 from $1.4 million.

Reported net income totaled a loss of $582,840, or a loss of 2 cents per share, compared to a loss of $839,390, or a loss of 3 cents per share, in the year-earlier period.