Tandy Leather Factory Inc. said its normalized net income for the third quarter came to 10 cents per share, compared with 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 $937,590, a decrease of 10.2% from $1.0 million in the prior-year period.

The normalized profit margin dropped to 5.0% from 5.4% in the year-earlier period.

Total revenue fell year over year to $18.6 million from $19.4 million, and total operating expenses decreased from the prior-year period to $17.1 million from $17.5 million.

Reported net income declined 9.7% year over year to $1.0 million, or 11 cents per share, from $1.1 million, or 11 cents per share.