Mills Music Trust said its normalized net income for the first quarter came to 13 cents per share, a decrease of 22.5% from 17 cents per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $37,350, a decrease of 22.5% from $48,180 in the prior-year period.

The normalized profit margin fell to 34.5% from 42.5% in the year-earlier period.

Total revenue decreased on an annual basis to $108,150 from $113,450, and total operating expenses climbed 33.1% on an annual basis to $48,400 from $36,360.

Reported net income fell 22.5% from the prior-year period to $59,750, or 22 cents per share, from $77,090, or 28 cents per share.