Premier Exhibitions Inc. said its normalized net income for the fiscal first quarter ended May 31 came to a loss of 14 cents per share, compared with 8 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 a loss of $703,380, compared with income of $417,630 in the prior-year period.

The normalized profit margin dropped to negative 9.4% from 4.7% in the year-earlier period.

Total revenue fell 16.2% on an annual basis to $7.5 million from $8.9 million, and total operating expenses rose 10.6% on an annual basis to $8.9 million from $8.0 million.

Reported net income totaled a loss of $980,930, or a loss of 25 cents per share, compared to income of $990,240, or 20 cents per share, in the prior-year period.