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Castle Brands swings to profit in fiscal Q4

Castle Brands Inc. said its normalized net income for the fiscal fourth quarter ended March 31 came to $154,070, compared with a loss of $882,800 in the year-earlier period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin rose to 1.1% from negative 8.2% in the year-earlier period.

Total revenue increased 31.7% year over year to $14.1 million from $10.7 million, and total operating expenses climbed 29.0% from the prior-year period to $14.6 million from $11.3 million.

Reported net income totaled a loss of $632,400, or a loss of 0 cents per share, compared to a loss of $630,920, or a loss of 0 cents per share, in the prior-year period.

For the year, the company's normalized net income totaled a loss of 1 cents per share, compared with the S&P Capital IQ consensus normalized EPS estimate of a loss of 2 cents.

EPS was a loss of 5 cents in the prior year.

Normalized net income was a loss of $1.7 million, compared with a loss of $6.3 million in the prior year.

Full-year total revenue grew 21.5% on an annual basis to $50.7 million from $41.7 million, and total operating expenses increased 20.3% year over year to $51.8 million from $43.0 million.

The company said reported net income came to a loss of $3.8 million, or a loss of 2 cents per share, in the full year, compared with a loss of $9.3 million, or a loss of 8 cents per share, the prior year.