Galaxy Gaming Inc. said its normalized net income for the first quarter came to $72,780, a fall of 52.4% from $152,760 in the prior-year period.

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

The normalized profit margin declined to 2.8% from 6.7% in the year-earlier period.

Total revenue increased 14.1% year over year to $2.6 million from $2.3 million, and total operating expenses increased 25.9% year over year to $2.2 million from $1.7 million.

Reported net income declined 58.4% from the prior-year period to $62,860, or 0 cents per share, from $151,170, or 0 cents per share.