Insignia Systems Inc. said its normalized net income for the first quarter amounted to a loss of $346,250, compared with income of $106,880 in the prior-year period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin dropped to negative 5.7% from 1.6% in the year-earlier period.

Total revenue declined 7.1% on an annual basis to $6.1 million from $6.5 million, and total operating expenses grew year over year to $6.6 million from $6.4 million.

Reported net income totaled a loss of $348,720, or a loss of 3 cents per share, compared to income of $124,200, or 1 cents per share, in the year-earlier period.