P&F Industries Inc. said its fourth-quarter normalized net income amounted to 9 cents per share, a decrease of 63.9% 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 $323,130, a decline of 63.9% from $894,380 in the year-earlier period.

The normalized profit margin declined to 1.8% from 5.0% in the year-earlier period.

Total revenue fell on an annual basis to $17.6 million from $17.9 million, and total operating expenses rose year over year to $17.0 million from $16.3 million.

Reported net income grew 49.4% year over year to $382,980, or 10 cents per share, from $256,370, or 6 cents per share.

For the year, the company's normalized net income totaled 87 cents per share, a gain of 18.9% from 73 cents per share in the prior year.

Normalized net income was $3.3 million, a gain of 15.5% from $2.8 million in the prior year.

Full-year total revenue grew 8.9% on an annual basis to $81.7 million from $75.0 million, and total operating expenses rose 8.3% year over year to $75.7 million from $70.0 million.

The company said reported net income increased 69.0% on an annual basis to $3.5 million, or 94 cents per share, in the full year, from $2.1 million, or 54 cents per share.