07:20 AM EDT, 05/03/2024 (MT Newswires) -- Black Diamond Group ( BDIMF ) overnight Thursday reported a drop in first-quarter net income and revenue.

The provider of workforce accommodation rentals and industrial services said profit fell to $1.5 million, or $0.02 per share, from $4.4 million or $0.07 per share, in the year-ago quarter.

Total revenue declined 10% to $73.6 million from $81.5 million, while funds from operations dropped to $19.4 million, or $0.32 per share, from the prior year's $21.4 million, and $0.36 per share.

Black Diamond said results for the quarter were impacted by lower sales revenues due to project-specific deferrals which has shifted some sales revenue into subsequent quarters. However, these deferrals provide "reasonable visibility" for sales revenue to recover to typical volumes in the first half and full year.

A dividend of $0.03 was declared, payable about July 15.