IMAGIS S.A. said its first-quarter normalized net income came to a loss of 2 groszy per share, compared with a loss of 7 groszy per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 244,810 zlotys, compared with a loss of 799,480 zlotys in the year-earlier period.

The normalized profit margin increased to negative 15.6% from negative 16.8% in the year-earlier period.

Total revenue decreased 67.1% on an annual basis to 1.6 million zlotys from 4.8 million zlotys, and total operating expenses decreased 66.7% on an annual basis to 1.9 million zlotys from 5.9 million zlotys.

Reported net income came to a loss of 3.4 million zlotys, or a loss of 30 groszy per share, compared to a loss of 1.3 million zlotys, or a loss of 11 groszy per share, in the prior-year period.

As of May 13, US$1 was equivalent to 3.90 zlotys.