On Track Innovations Ltd. said its normalized net income for the first quarter amounted to a loss of 1 cents per share, compared with the S&P Capital IQ consensus estimate of a loss of 4 cents per share.

The per-share loss decreased 62.3% year over year from 3 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of $458,250, compared with a loss of $1.2 million in the year-earlier period.

The normalized profit margin increased to negative 9.1% from negative 24.4% in the year-earlier period.

Total revenue fell year over year to $4.9 million from $5.0 million, and total operating expenses fell 16.0% on an annual basis to $5.6 million from $6.7 million.

Reported net income totaled a loss of $804,000, or a loss of 2 cents per share, compared to a loss of $2.1 million, or a loss of 5 cents per share, in the prior-year period.