Lincoln Educational Services Corp. said its normalized net income for the fourth quarter amounted to $4.4 million.

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

The normalized profit margin was 10.9%.

Total revenue came to $48.9 million, and total operating expenses totaled $42.9 million.

Reported net income totaled $5.4 million, or 23 cents per share.

For the year, the company's normalized net income totaled a loss of 1 cents per share, compared with the S&P Capital IQ consensus normalized EPS estimate of a loss of 46 cents.

EPS was a loss of 14 cents in the prior year.

Normalized net income was a loss of $317,500, compared with a loss of $3.3 million in the prior year.

Full-year total revenue fell 11.4% on an annual basis to $193.2 million from $218.0 million, and total operating expenses fell 13.4% on an annual basis to $190.5 million from $219.9 million.

The company said reported net income came to a loss of $2.8 million, or a loss of 12 cents per share, in the full year, compared with a loss of $25.6 million, or a loss of $1.12 per share, the prior year.