P&F Industries Inc. said its first-quarter normalized net income was 2 cents per share, a decrease of 81.6% from 10 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 $68,130, a decline of 81.5% from $367,500 in the year-earlier period.

The normalized profit margin fell to 0.4% from 2.5% in the year-earlier period.

Total revenue came to $14.5 million, compared with $14.6 million in the year-earlier period, and total operating expenses climbed from the prior-year period to $14.3 million from $14.0 million.

Reported net income fell 79.8% on an annual basis to $75,560, or 2 cents per share, from $374,600, or 10 cents per share.