Protection One Inc., a Lawrence-based provider of monitored electronic security services, said Friday that it lost $2.8 million during its first quarter, down from the $23.1 million quarterly loss reported a year earlier.

The latest loss equated to 11 cents per share, down from the loss of 91 cents per share from the same quarter a year earlier, when the company incurred a $12.8 million loss on retirement of debt.

Consolidated net revenue was $93 million during the three months ending March 31, up 1.6 percent from the same period in 2008, with most of the increase coming from higher amortization of previously deferred revenue, the company said.

Operating income was $8.5 million for the quarter, up from $2.2 million during the first quarter of 2008, a boost attributed largely to lower amortization and depreciation expense.

Richard Ginsburg, Protection One’s president and CEO, said the company also reduced net debt during the quarter by $13.6 million.

“Partly as a result of remaining disciplined in our investing and focused on our goal of increasing cash flow during these challenging economic times, we added fewer new customers in the first quarter compared to the same period last year,” Ginsburg said, in a statement. “We did, however, continue to invest in developing our commercial sales capabilities, which we believe will create opportunities for growth with attractive returns when the economy emerges from the recession.”

Protection One is based at the I-70 Business Center, 1035 N. Third St. in North Lawrence.