LPKF Laser & Electronics AG said its normalized net income for the first quarter was a loss of €2.6 million, compared with income of €38,130 in the year-earlier period.

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

The normalized profit margin fell to negative 17.5% from 0.2% in the year-earlier period.

Total revenue fell 27.7% on an annual basis to €16.5 million from €22.8 million, and total operating expenses declined 16.0% year over year to €21.3 million from €25.4 million.

Reported net income totaled a loss of €3.3 million, or a loss of 15 cents per share, compared to income of €71,000, or 0 cents per share, in the prior-year period.