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Brill Shoe Industries swings to loss in Q4

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Brill Shoe Industries swings to loss in Q4

Brill Shoe Industries Ltd. said its normalized net income for the fourth quarter amounted to a loss of 67 agorot per share, compared with 18 agorot per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 4.2 million shekels, compared with income of 1.1 million shekels in the prior-year period.

The normalized profit margin dropped to negative 2.0% from 0.6% in the year-earlier period.

Total revenue fell 5.7% on an annual basis to 164.4 million shekels from 174.4 million shekels, and total operating expenses totaled 168.7 million shekels, compared with 167.3 million shekels in the prior-year period.

Reported net income totaled a loss of 3.5 million shekels, or a loss of 56 agorot per share, compared to income of 1.3 million shekels, or 22 agorot per share, in the year-earlier period.

For the year, the company's normalized net income totaled a loss of 100 agorot per share, compared with 10 agorot per share in the prior year.

Normalized net income was a loss of 6.0 million shekels, compared with income of 576,000 shekels in the prior year.

Full-year total revenue increased 12.7% from the prior-year period to 619.8 million shekels from 549.8 million shekels, and total operating expenses increased 13.9% year over year to 616.5 million shekels from 541.1 million shekels.

The company said reported net income totaled a loss of 6.2 million shekels, or a loss of 1.03 shekels per share, in the full year, compared with income of 5.2 million shekels, or 86 agorot per share, the prior year.

As of March 29, US$1 was equivalent to 3.82 shekels.