CTI Industries Corp. said its normalized net income for the fourth quarter was 10 cents per share, a decline of 6.4% from 10 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 $329,260, a decrease of 6.7% from $353,060 in the year-earlier period.
The normalized profit margin dropped to 2.1% from 2.3% in the year-earlier period.
Total revenue grew on an annual basis to $15.9 million from $15.2 million, and total operating expenses increased on an annual basis to $15.0 million from $14.4 million.
Reported net income rose 26.7% from the prior-year period to $479,470, or 14 cents per share, from $378,470, or 11 cents per share.
For the year, the company's normalized net income totaled 27 cents per share, an increase of 84.7% from 15 cents per share in the prior year.
Normalized net income was $926,700, an increase of 84.6% from $502,070 in the prior year.
Full-year total revenue rose from the prior-year period to $59.4 million from $57.8 million, and total operating expenses came to $56.5 million, compared with $56.2 million in the year-earlier period.
The company said reported net income rose 99.9% on an annual basis to $1.0 million, or 30 cents per share, in the full year, from $515,910, or 15 cents per share.