Pizza Pizza Royalty Corp. said its fourth-quarter normalized net income was 18 Canadian cents per share, compared with the S&P Capital IQ consensus estimate of 23 cents per share.

EPS decreased 24.0% year over year from 23 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was C$5.5 million, an increase of 6.7% from C$5.1 million in the prior-year period.

The normalized profit margin rose to 59.6% from 58.0% in the year-earlier period.

Total revenue grew on an annual basis to C$9.2 million from C$8.9 million, and total operating expenses rose 6.7% on an annual basis to C$224,000 from C$210,000.

Reported net income grew from the prior-year period to C$6.9 million, or 22 cents per share, from C$6.7 million, or 31 cents per share.

For the year, the company's normalized net income totaled 67 cents per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 89 cents.

EPS rose 6.2% from 63 cents in the prior year.

Normalized net income was C$20.6 million, an increase of 7.7% from C$19.2 million in the prior year.

Full-year total revenue grew 5.4% from the prior-year period to C$34.8 million from C$33.0 million, and total operating expenses rose 6.7% year over year to C$624,000 from C$585,000.

The company said reported net income came to C$25.2 million, or 82 cents per share, in the full year, compared with C$25.0 million, or 83 cents per share, the prior year.