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Bang & Olufsen swings to profit in fiscal Q3

Bang & Olufsen a/s said its normalized net income for the fiscal third quarter ended Feb. 28 came to 8 Danish øre per share, compared with a loss of 58 øre per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 3.4 million kroner, compared with a loss of 23.1 million kroner in the year-earlier period.

The normalized profit margin dropped to negative 5.3% from negative 3.4% in the year-earlier period.

Total revenue increased 18.6% year over year to 800.0 million kroner from 674.5 million kroner, and total operating expenses climbed 15.4% on an annual basis to 809.8 million kroner from 702.0 million kroner.

Reported net income totaled 17.3 million kroner, or 40 øre per share, compared to a loss of 31.9 million kroner, or a loss of 80 øre per share, in the year-earlier period.

As of April 16, US$1 was equivalent to 6.97 Danish kroner.