Gan Shmuel Foods Ltd. said its normalized net income for the fourth quarter amounted to 8 cents per share, a gain from 4 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 $1.1 million, a gain from $535,630 in the year-earlier period.
The normalized profit margin climbed to 2.2% from 0.9% in the year-earlier period.
Total revenue declined 19.0% year over year to $50.4 million from $62.2 million, and total operating expenses fell 19.6% on an annual basis to $48.1 million from $59.8 million.
Reported net income totaled $1.4 million, or 9 cents per share, compared to a loss of $333,000, or a loss of 2 cents per share, in the year-earlier period.
For the year, the company's normalized net income totaled 62 cents per share, a gain of 36.7% from 46 cents per share in the prior year.
Normalized net income was $9.4 million, a gain of 36.7% from $6.8 million in the prior year.
Full-year total revenue declined year over year to $233.7 million from $243.6 million, and total operating expenses fell 5.3% year over year to $216.2 million from $228.5 million.
The company said reported net income grew 74.3% on an annual basis to $12.4 million, or 83 cents per share, in the full year, from $7.1 million, or 47 cents per share.