inTEST Corp. said its first-quarter normalized net income came to 1 cents per share, a decline of 77.3% from 6 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 $139,380, a decrease of 77.5% from $619,380 in the prior-year period.
The normalized profit margin fell to 0.9% from 6.1% in the year-earlier period.
Total revenue fell 15.1% on an annual basis to $8.6 million from $10.2 million, and total operating expenses fell 8.0% year over year to $8.5 million from $9.2 million.
Reported net income declined 75.2% from the prior-year period to $104,040, or 1 cents per share, from $419,340, or 4 cents per share.