Echelon Corp. said its normalized net income for the first quarter was a loss of 18 cents per share, compared with a loss of 20 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 $790,630, compared with a loss of $881,880 in the year-earlier period.
The normalized profit margin climbed to negative 8.6% from negative 8.9% in the year-earlier period.
Total revenue fell 12.4% on an annual basis to $8.6 million from $9.9 million, and total operating expenses declined 18.2% from the prior-year period to $9.7 million from $11.9 million.
Reported net income came to a loss of $971,740, or a loss of 22 cents per share, compared to a loss of $1.4 million, or a loss of 32 cents per share, in the prior-year period.