Rocky Mountain Chocolate Factory Inc. said its normalized net income for the fiscal fourth quarter ended Feb. 28 was 24 cents per share, a decrease of 32.6% from 36 cents per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $1.5 million, a decrease of 34.4% from $2.3 million in the prior-year period.

The normalized profit margin declined to 13.6% from 21.0% in the year-earlier period.

Total revenue totaled $11.2 million, compared with $11.1 million in the prior-year period, and total operating expenses came to $9.4 million, compared with $9.5 million in the prior-year period.

Reported net income fell 10.0% on an annual basis to $1.3 million, or 21 cents per share, from $1.5 million, or 23 cents per share.

For the year, the company's normalized net income totaled 67 cents per share, a decrease of 14.4% from 79 cents per share in the prior year.

Normalized net income was $4.3 million, a decrease of 14.7% from $5.1 million in the prior year.

Full-year total revenue grew 5.9% year over year to $41.5 million from $39.2 million, and total operating expenses rose on an annual basis to $34.7 million from $33.2 million.

The company said reported net income fell 10.6% on an annual basis to $3.9 million, or 61 cents per share, in the full year, from $4.4 million, or 68 cents per share.