Western Capital Resources Inc. said its fourth-quarter normalized net income was 14 cents per share, a decrease of 35.5% from 22 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 $1.4 million, a gain from $1.3 million in the year-earlier period.

The normalized profit margin dropped to 5.0% from 9.5% in the year-earlier period.

Total revenue rose 95.5% on an annual basis to $27.3 million from $13.9 million, and total operating expenses climbed on an annual basis to $24.9 million from $11.7 million.

Reported net income rose 9.1% year over year to $1.4 million, or 15 cents per share, from $1.3 million, or 21 cents per share.

For the year, the company's normalized net income totaled 48 cents per share, a decline of 26.4% from 66 cents per share in the prior year.

Normalized net income was $3.7 million, an increase of 51.7% from $2.5 million in the prior year.

Full-year total revenue rose 87.6% year over year to $76.5 million from $40.8 million, and total operating expenses increased 91.5% year over year to $69.9 million from $36.5 million.

The company said reported net income grew 46.3% on an annual basis to $3.5 million, or 45 cents per share, in the full year, from $2.4 million, or 64 cents per share.