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Mechanical Technology profit holds mostly steady YOY in Q1

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.