Orchids Paper Products Co. said its third-quarter normalized net income amounted to 18 cents per share, compared with the S&P Capital IQ consensus estimate of 35 cents per share.

EPS fell 59.2% year over year from 44 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $1.8 million, a decrease of 59.0% from $4.5 million in the prior-year period.

The normalized profit margin fell to 4.6% from 9.6% in the year-earlier period.

Total revenue declined 15.4% year over year to $39.6 million from $46.8 million, and total operating expenses declined 9.0% year over year to $36.2 million from $39.8 million.

Reported net income declined 53.1% on an annual basis to $2.2 million, or 21 cents per share, from $4.6 million, or 45 cents per share.