Funcom SE said its first-quarter normalized net income was a loss of $475,630, compared with a loss of $101,880 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 negative 23.2% from negative 3.7% in the year-earlier period.

Total revenue declined 26.1% on an annual basis to $2.0 million from $2.8 million, and total operating expenses decreased 11.0% on an annual basis to $2.7 million from $3.0 million.

Reported net income came to a loss of $761,000, or a loss of 4 cents per share, compared to a loss of $144,000, or a loss of 1 cents per share, in the prior-year period.