AG&E Holdings Inc. said its fourth-quarter normalized net income came to a loss of $269,380, compared with a loss of $39,380 in the prior-year period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin fell to negative 16.1% from negative 1.2% in the year-earlier period.

Total revenue fell 50.8% year over year to $1.7 million from $3.4 million, and total operating expenses declined 39.6% year over year to $2.1 million from $3.5 million.

Reported net income totaled a loss of $431,780, or a loss of 4 cents per share, compared to a loss of $82,160, or a loss of 1 cents per share, in the year-earlier period.

For the year, the company's normalized net income totaled a loss of 3 cents per share, compared with a loss of 3 cents per share in the prior year.

Normalized net income was a loss of $361,880, compared with a loss of $361,250 in the prior year.

Full-year total revenue declined 36.7% year over year to $13.9 million from $21.9 million, and total operating expenses decreased 35.7% year over year to $14.5 million from $22.5 million.

The company said reported net income totaled a loss of $583,780, or a loss of 5 cents per share, in the full year, compared with a loss of $2.5 million, or a loss of 21 cents per share, the prior year.