Qualstar Corp. said its first-quarter normalized net income was a loss of 10 cents per share, compared with a loss of 14 cents per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of $196,250, compared with a loss of $285,630 in the year-earlier period.

The normalized profit margin dropped to negative 12.0% from negative 10.2% in the year-earlier period.

Total revenue declined 23.4% on an annual basis to $2.1 million from $2.8 million, and total operating expenses fell 24.4% from the prior-year period to $2.5 million from $3.3 million.

Reported net income came to a loss of $367,590, or a loss of 20 cents per share, compared to a loss of $490,120, or a loss of 24 cents per share, in the year-earlier period.