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Tedea Q1 loss widens YOY

Tedea Technological Development and Automation Ltd. said its normalized net income for the first quarter came to a loss of $333,380, compared with a loss of $3,130 in the year-earlier period.

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

The normalized profit margin dropped to negative 8.1% from negative 0.1% in the year-earlier period.

Total revenue declined 12.9% on an annual basis to $4.1 million from $4.7 million, and total operating expenses decreased 7.7% on an annual basis to $4.1 million from $4.5 million.

Reported net income totaled a loss of $536,000, or a loss of 10 cents per share, compared to income of $88,000, or 2 cents per share, in the year-earlier period.