Tandy Leather Factory Inc. said its normalized net income for the first quarter came to 15 cents per share, an increase from 14 cents per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $1.5 million, a decline from $1.5 million in the year-earlier period.

The normalized profit margin dropped to 7.1% from 7.1% in the year-earlier period.

Total revenue came to $20.7 million, compared with $20.8 million in the year-earlier period, and total operating expenses came to $18.3 million, compared with $18.4 million in the prior-year period.

Reported net income rose 8.5% year over year to $1.6 million, or 16 cents per share, from $1.4 million, or 14 cents per share.