Excel Corp. said its normalized net income for the first quarter amounted to $135,170, a decline of 52.6% from $285,040 in the year-earlier period.
Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.
The normalized profit margin fell to 3.4% from 24.7% in the year-earlier period.
Total revenue climbed year over year to $4.0 million from $1.2 million, and total operating expenses climbed from the prior-year period to $3.5 million from $618,740.
Reported net income declined 52.6% year over year to $216,280, or 0 cents per share, from $456,070, or 0 cents per share.