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CVS Bay Area swings to profit in fiscal Q4

CVS Bay Area Inc. said its normalized net income for the fiscal fourth quarter ended Feb. 28 came to ¥3.80 per share, compared with a loss of ¥10.51 per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥18.8 million, compared with a loss of ¥51.9 million in the prior-year period.

The normalized profit margin increased to 0.3% from negative 0.7% in the year-earlier period.

Total revenue fell 5.3% on an annual basis to ¥6.78 billion from ¥7.15 billion, and total operating expenses declined 6.9% from the prior-year period to ¥6.75 billion from ¥7.25 billion.

Reported net income came to ¥14.0 million, or ¥2.84 per share, compared to a loss of ¥1.05 billion, or a loss of ¥211.89 per share, in the prior-year period.

For the year, the company's normalized net income totaled ¥29.75 per share, a gain of 88.0% from ¥15.83 per share in the prior year.

Normalized net income was ¥146.9 million, a gain of 88.0% from ¥78.1 million in the prior year.

Full-year total revenue fell from the prior-year period to ¥28.73 billion from ¥30.19 billion, and total operating expenses fell 5.5% on an annual basis to ¥28.50 billion from ¥30.14 billion.

The company said reported net income totaled ¥225.0 million, or ¥45.58 per share, in the full year, compared with a loss of ¥878.0 million, or a loss of ¥177.86 per share, the prior year.

As of May 28, US$1 was equivalent to ¥124.24.