Marine Products Corp. said its fourth-quarter normalized net income was 9 cents per share, an increase from 5 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 $3.4 million, a gain from $1.7 million in the year-earlier period.

The normalized profit margin rose to 6.9% from 4.5% in the year-earlier period.

Total revenue grew 33.2% on an annual basis to $49.9 million from $37.4 million, and total operating expenses climbed 27.4% on an annual basis to $44.5 million from $34.9 million.

Reported net income increased 82.9% on an annual basis to $3.9 million, or 10 cents per share, from $2.2 million, or 5 cents per share.

For the year, the company's normalized net income totaled 37 cents per share, a gain of 67.8% from 22 cents per share in the prior year.

Normalized net income was $13.1 million, a rise of 67.4% from $7.8 million in the prior year.

Full-year total revenue grew 21.1% on an annual basis to $207.1 million from $171.1 million, and total operating expenses grew 17.3% on an annual basis to $186.5 million from $159.0 million.

The company said reported net income grew 62.1% on an annual basis to $14.0 million, or 39 cents per share, in the full year, from $8.6 million, or 24 cents per share.