Micropac Industries Inc. said its normalized net income for the fiscal first quarter ended Feb. 27 was $5,000, a decrease of 97.6% from $205,000 in the year-earlier period.
Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.
The normalized profit margin declined to 0.1% from 4.3% in the year-earlier period.
Total revenue fell 12.1% year over year to $4.2 million from $4.8 million, and total operating expenses declined 5.7% from the prior-year period to $4.2 million from $4.5 million.
Reported net income fell 97.6% year over year to $5,000, or 0 cents per share, from $210,000, or 8 cents per share.
