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CTI Industries swings to loss in Q1

CTI Industries Corp. said its normalized net income for the first quarter came to a loss of $20,170, compared with income of $265,740 in the prior-year period.

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

The normalized profit margin declined to negative 0.1% from 1.8% in the year-earlier period.

Total revenue climbed year over year to $15.2 million from $15.0 million, and total operating expenses climbed on an annual basis to $14.6 million from $14.1 million.

Reported net income fell 97.5% on an annual basis to $6,760, or 0 cents per share, from $275,900, or 8 cents per share.