Global Casinos Inc. said its normalized net income for the fourth quarter was a loss of 1 cents per share, compared with a loss of 2 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 a loss of $250,480, compared with a loss of $374,910 in the prior-year period.

The normalized profit margin declined to negative 184.7% from negative 43.1% in the year-earlier period.

Total revenue declined 83.6% on an annual basis to $142,420 from $869,390, and total operating expenses declined 40.6% year over year to $562,520 from $947,440.

Reported net income came to a loss of $2.2 million, or a loss of 10 cents per share, compared to a loss of $645,100, or a loss of 3 cents per share, in the year-earlier period.

For the year, the company's normalized net income totaled a loss of 4 cents per share, compared with a loss of 3 cents per share in the prior year.

Normalized net income was a loss of $861,400, compared with a loss of $665,320 in the prior year.

Full-year total revenue increased 89.0% year over year to $3.5 million from $1.8 million, and total operating expenses increased 50.6% on an annual basis to $2.8 million from $1.9 million.

The company said reported net income came to a loss of $3.3 million, or a loss of 15 cents per share, in the full year, compared with income of $1.3 million, or 6 cents per share, the prior year.