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The company's first quarter operating income increased by $13.6 million to $1.0 million versus the prior year loss of ($12.6) million. Net income for the first quarter was $1.8 million or $0.10 per diluted share versus a year-ago net loss of ($8.2) million or ($0.46) per share.
The company noted that first quarter earnings per share include a $0.05 gain on the sale of an investment in equity securities while the year-ago period contained a charge of approximately $0.05 per share for restructuring and other unusual charges. Additionally, there was minimal tax expense in the current quarter due to the reversal of a portion of the company's deferred tax valuation allowance.
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