Boston Pizza Royalties Income Fund said its normalized net income for the fourth quarter was 26 Canadian cents per share, an increase of 8.6% from 24 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 C$5.4 million, a gain of 44.8% from C$3.7 million in the year-earlier period.

The normalized profit margin climbed to 49.6% from 47.3% in the year-earlier period.

Total revenue rose 38.2% year over year to C$10.9 million from C$7.9 million, and total operating expenses rose 13.7% year over year to C$298,000 from C$262,000.

Reported net income grew from the prior-year period to C$10.3 million, or 42 cents per share, from C$1.1 million, or 7 cents per share.

For the year, the company's normalized net income totaled 98 cents per share, a fall from C$1.02 per share in the prior year.

Normalized net income was C$20.7 million, a rise of 30.9% from C$15.8 million in the prior year.

Full-year total revenue increased 30.2% year over year to C$40.7 million from C$31.3 million, and total operating expenses increased 20.0% on an annual basis to C$1.2 million from C$1.0 million.

The company said reported net income fell 24.4% on an annual basis to C$12.4 million, or 59 cents per share, in the full year, from C$16.5 million, or C$1.06 per share.