AG&E Holdings Inc. said its first-quarter normalized net income amounted to $6,250, a fall of 63.0% from $16,880 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 0.1% from 0.2% in the year-earlier period.

Total revenue decreased 34.9% on an annual basis to $4.6 million from $7.1 million, and total operating expenses fell 34.7% from the prior-year period to $4.6 million from $7.0 million.

Reported net income came to $6,000, or 0 cents per share, compared to a loss of $11,000, or a loss of 0 cents per share, in the prior-year period.