BIO-key International Inc. said its normalized net income for the first quarter came to a loss of 13 cents per share, compared with a loss of 10 cents per share in the prior-year period.
Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of $726,440, compared with a loss of $576,990 in the prior-year period.
The normalized profit margin dropped to negative 168.8% from negative 88.9% in the year-earlier period.
Total revenue fell 33.6% on an annual basis to $430,590 from $648,830, and total operating expenses came to $1.6 million, compared with $1.6 million in the prior-year period.
Reported net income totaled a loss of $1.4 million, or a loss of 25 cents per share, compared to a loss of $924,100, or a loss of 17 cents per share, in the prior-year period.