Image Protect Inc. said its normalized net income for the first quarter amounted to a loss of $54,110, compared with income of $35,860 in the prior-year period.
Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.
The normalized profit margin dropped to negative 110.3% from 13.5% in the year-earlier period.
Total revenue fell 81.6% on an annual basis to $49,040 from $265,880, and total operating expenses fell from the prior-year period to $198,450 from $206,300.
Reported net income came to a loss of $86,580, or a loss of 0 cents per share, compared to income of $57,370, or 0 cents per share, in the prior-year period.