TAL Education Group said its normalized net income for the fiscal fourth quarter ended Feb. 28 came to 2 cents per share, compared with the S&P Capital IQ consensus estimate of 4 cents per share.

EPS fell 14.3% year over year from 2 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $9.2 million, a decline of 12.9% from $10.5 million in the year-earlier period.

The normalized profit margin fell to 7.4% from 12.1% in the year-earlier period.

Total revenue rose 41.6% year over year to $123.2 million from $87.0 million, and total operating expenses climbed 49.2% on an annual basis to $108.3 million from $72.6 million.

Reported net income fell 47.7% from the prior-year period to $9.1 million, or 2 cents per share, from $17.4 million, or 4 cents per share.

For the year, the company's normalized net income totaled 10 cents per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 17 cents.

EPS rose 9.2% from 9 cents in the prior year.

Normalized net income was $47.1 million, an increase of 12.0% from $42.0 million in the prior year.

Full-year total revenue increased 38.3% from the prior-year period to $434.0 million from $313.9 million, and total operating expenses grew 43.0% year over year to $366.7 million from $256.5 million.

The company said reported net income rose 10.7% on an annual basis to $67.1 million, or 14 cents per share, in the full year, from $60.6 million, or 13 cents per share.