Vilniaus Baldai AB said its normalized net income for the fiscal first quarter ended Nov. 30 was 14 euro cents per share, a decline of 10.7% from 15 cents per share in the first quarter ended March 31.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was €535,000, a decline of 10.7% from €599,380 in the first quarter ended March 31.

The normalized profit margin fell to 3.3% from 3.6% in the year-earlier period.

Total revenue declined on an annual basis to €16.3 million from €16.5 million, and total operating expenses totaled €15.5 million, compared with €15.5 million in the prior-year period.

Reported net income declined 12.1% from the prior-year period to €719,000, or 19 cents per share, from €818,000, or 21 cents per share.