Image Systems AB said its normalized net income for the first quarter amounted to a loss of 10 Swedish öre per share, compared with a loss of 19 öre 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 3.8 million kronor, compared with a loss of 1.7 million kronor in the prior-year period.

The normalized profit margin declined to negative 18.8% from negative 6.8% in the year-earlier period.

Total revenue fell 19.0% on an annual basis to 20.0 million kronor from 24.7 million kronor, and total operating expenses totaled 25.8 million kronor, compared with 26.0 million kronor in the year-earlier period.

Reported net income totaled a loss of 6.1 million kronor, or a loss of 16 öre per share, compared to a loss of 2.6 million kronor, or a loss of 31 öre per share, in the prior-year period.

As of May 12, US$1 was equivalent to 8.18 Swedish kronor.