Mechanical Technology Inc. said its normalized net income for the first quarter came to a loss of 5 cents per share, compared with a loss of 5 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 $266,880, compared with a loss of $266,250 in the year-earlier period.
The normalized profit margin dropped to negative 29.6% from negative 16.3% in the year-earlier period.
Total revenue declined 25.1% year over year to $1.2 million from $1.6 million, and total operating expenses declined 19.8% from the prior-year period to $1.7 million from $2.1 million.
Reported net income totaled a loss of $586,000, or a loss of 11 cents per share, compared to a loss of $388,000, or a loss of 7 cents per share, in the prior-year period.