United-Guardian, Inc. said its normalized net income for the first quarter amounted to 10 cents per share, a decrease of 64.0% from 29 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 $476,900, a decline of 64.0% from $1.3 million in the year-earlier period.

The normalized profit margin declined to 21.1% from 30.3% in the year-earlier period.

Total revenue decreased 48.3% year over year to $2.3 million from $4.4 million, and total operating expenses declined 33.1% from the prior-year period to $1.5 million from $2.3 million.

Reported net income decreased 64.0% year over year to $525,090, or 11 cents per share, from $1.5 million, or 32 cents per share.