Tadir-Gan (Precision Products) 1993 Ltd. said its third-quarter normalized net income amounted to a loss of $1.9 million, compared with a loss of $591,250 in the prior-year period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin dropped to negative 11.9% from negative 2.8% in the year-earlier period.

Total revenue declined 23.1% year over year to $16.3 million from $21.2 million, and total operating expenses fell 12.4% on an annual basis to $19.1 million from $21.8 million.

Reported net income came to a loss of $2.9 million, or a loss of 1 cents per share, compared to a loss of $758,000, or a loss of 0 cents per share, in the year-earlier period.