Pollard Banknote Ltd said its normalized net income for the fourth quarter came to 5 Canadian cents per share, a decrease of 8.0% 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 C$1.2 million, a decline of 5.4% from C$1.3 million in the prior-year period.

The normalized profit margin declined to 2.2% from 3.0% in the year-earlier period.

Total revenue grew 32.6% on an annual basis to C$57.2 million from C$43.2 million, and total operating expenses increased 34.8% from the prior-year period to C$53.4 million from C$39.6 million.

Reported net income declined 33.3% on an annual basis to C$1.4 million, or 5 cents per share, from C$2.1 million, or 9 cents per share.

For the year, the company's normalized net income totaled 32 cents per share, a fall of 6.9% from 35 cents per share in the prior year.

Normalized net income was C$7.6 million, a decline of 6.9% from C$8.2 million in the prior year.

Full-year total revenue increased 13.7% year over year to C$221.0 million from C$194.5 million, and total operating expenses rose 15.2% year over year to C$202.9 million from C$176.2 million.

The company said reported net income fell 13.4% on an annual basis to C$7.6 million, or 32 cents per share, in the full year, from C$8.7 million, or 37 cents per share.