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Ovostar Union Q4 profit climbs 31.8% YOY

Ovostar Union NV said its normalized net income for the fourth quarter came to 96 cents per share, a gain of 31.8% from 73 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 $5.8 million, an increase of 31.8% from $4.4 million in the year-earlier period.

The normalized profit margin increased to 25.4% from 19.6% in the year-earlier period.

Total revenue climbed year over year to $22.8 million from $22.4 million, and total operating expenses declined 9.9% on an annual basis to $13.6 million from $15.1 million.

Reported net income rose 36.8% year over year to $9.3 million, or $1.56 per share, from $6.8 million, or $1.14 per share.

For the year, the company's normalized net income totaled $2.99 per share, an increase of 27.5% from $2.34 per share in the prior year.

Normalized net income was $17.9 million, a rise of 27.5% from $14.1 million in the prior year.

Full-year total revenue rose on an annual basis to $75.6 million from $74.8 million, and total operating expenses declined 12.6% year over year to $45.6 million from $52.2 million.

The company said reported net income rose 22.2% on an annual basis to $31.0 million, or $5.16 per share, in the full year, from $25.3 million, or $4.22 per share.