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National American University fiscal Q4 profit falls YOY

National American University Holdings Inc. said its normalized net income for the fiscal fourth quarter ended May 31 came to 2 cents per share, a decrease of 70.2% from 6 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 $453,630, a decrease of 70.1% from $1.5 million in the prior-year period.

The normalized profit margin declined to 1.6% from 4.7% in the year-earlier period.

Total revenue declined 9.7% on an annual basis to $28.9 million from $32.0 million, and total operating expenses fell from the prior-year period to $28.0 million from $29.4 million.

Reported net income decreased 79.8% from the prior-year period to $252,990, or 1 cents per share, from $1.3 million, or 5 cents per share.

For the year, the company's normalized net income totaled 23 cents per share, an increase of 58.7% from 15 cents per share in the prior year.

Normalized net income was $5.9 million, a gain of 59.2% from $3.7 million in the prior year.

Full-year total revenue decreased 7.7% on an annual basis to $117.9 million from $127.8 million, and total operating expenses decreased 11.2% on an annual basis to $107.8 million from $121.4 million.

The company said reported net income rose 93.4% year over year to $6.8 million, or 27 cents per share, in the full year, from $3.5 million, or 14 cents per share.