Serial System Ltd. said its normalized net income for the first quarter was a loss of $3.8 million, compared with income of $2.3 million in the year-earlier period.

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

The normalized profit margin dropped to negative 1.2% from 0.9% in the year-earlier period.

Total revenue climbed 27.1% year over year to $332.8 million from $261.8 million, and total operating expenses climbed 28.3% from the prior-year period to $330.0 million from $257.1 million.

Reported net income totaled a loss of $6.5 million, or a loss of 1 cents per share, compared to income of $3.0 million, or 0 cents per share, in the prior-year period.