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Iao Kun Group Holding swings to loss in Q4

Iao Kun Group Holding Co. Ltd. said its fourth-quarter normalized net income amounted to a loss of 19 cents per share, compared with the S&P Capital IQ consensus estimate of a loss of 6 cents per share.

The per-share result swung to a loss from the prior-year profit of 24 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of $2.0 million, compared with income of $2.5 million in the year-earlier period.

The normalized profit margin fell to negative 10.7% from 4.7% in the year-earlier period.

Total revenue fell 63.6% on an annual basis to $19.0 million from $52.3 million, and total operating expenses fell 53.9% year over year to $22.3 million from $48.4 million.

Reported net income increased year over year to $11.8 million, or $1.13 per share, from $5.9 million, or 56 cents per share.

For the year, the company's normalized net income totaled a loss of 44 cents per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 72 cents.

EPS was 5 cents in the prior year.

Normalized net income was a loss of $4.6 million, compared with income of $525,400 in the prior year.

Full-year total revenue fell 55.1% on an annual basis to $105.0 million from $233.8 million, and total operating expenses decreased 51.8% year over year to $112.3 million from $233.0 million.

The company said reported net income came to $5.0 million, or 48 cents per share, in the full year, compared with a loss of $60.2 million, or a loss of $5.94 per share, the prior year.