Winland Holdings Corp. said its normalized net income for the first quarter amounted to $15,000, a decrease of 81.4% from $80,630 in the year-earlier period.
Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.
The normalized profit margin dropped to 1.6% from 8.6% in the year-earlier period.
Total revenue totaled $943,000, compared with $936,000 in the prior-year period, and total operating expenses grew 13.9% year over year to $919,000 from $807,000.
Reported net income decreased 66.5% year over year to $39,010, or 1 cents per share, from $116,330, or 3 cents per share.