Green Brick Partners Inc. said its first-quarter normalized net income amounted to 10 cents per share, a decrease of 71.9% from 35 cents per share in the year-earlier period.
Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $3.1 million, a decline of 20.7% from $3.9 million in the year-earlier period.
The normalized profit margin dropped to 5.3% from 6.2% in the year-earlier period.
Total revenue fell 7.2% on an annual basis to $58.5 million from $63.0 million, and total operating expenses decreased 5.6% year over year to $50.1 million from $53.1 million.
Reported net income decreased 44.6% from the prior-year period to $4.1 million, or 13 cents per share, from $7.3 million, or 66 cents per share.
