Tandy Leather Factory Inc. said its fourth-quarter normalized net income came to 25 cents per share, an increase of 6.8% from 24 cents per share in the year-earlier period.
Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $2.4 million, a gain from $2.4 million in the year-earlier period.
The normalized profit margin increased to 10.1% from 9.8% in the year-earlier period.
Total revenue came to $24.2 million, compared with $24.5 million in the prior-year period, and total operating expenses fell year over year to $20.3 million from $20.6 million.
Reported net income fell 7.5% year over year to $2.3 million, or 23 cents per share, from $2.5 million, or 24 cents per share.
For the year, the company's normalized net income totaled 63 cents per share, a decrease of 12.1% from 72 cents per share in the prior year.
Normalized net income was $6.4 million, a fall of 13.3% from $7.4 million in the prior year.
Full-year total revenue totaled $84.2 million, compared with $83.4 million in the prior year, and total operating expenses grew on an annual basis to $73.7 million from $71.5 million.
The company said reported net income fell 17.1% on an annual basis to $6.4 million, or 63 cents per share, in the full year, from $7.7 million, or 75 cents per share.