Pollard Banknote Ltd said its second-quarter normalized net income was 7 Canadian cents per share, a decrease of 40.8% from 12 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 C$1.7 million, a decline of 40.8% from C$2.9 million in the year-earlier period.

The normalized profit margin fell to 3.2% from 5.6% in the year-earlier period.

Total revenue rose 4.9% year over year to C$54.0 million from C$51.5 million, and total operating expenses grew 7.5% on an annual basis to C$50.0 million from C$46.5 million.

Reported net income fell 30.8% year over year to C$2.1 million, or 9 cents per share, from C$3.1 million, or 13 cents per share.