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Pioneering Technology swings to profit in fiscal Q4

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Pioneering Technology swings to profit in fiscal Q4

Pioneering Technology Corp. said its normalized net income for the fiscal fourth quarter ended Sept. 30, 2015, amounted to C$22,260, compared with a loss of C$703,110 in the prior-year period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin rose to 1.9% from negative 276.5% in the year-earlier period.

Total revenue climbed year over year to C$1.2 million from C$254,250, and total operating expenses decreased 35.9% on an annual basis to C$793,310 from C$1.2 million.

Reported net income totaled C$35,620, or 0 cents per share, compared to a loss of C$1.1 million, or a loss of 4 cents per share, in the prior-year period.

For the year, the company's normalized net income totaled C$88,110, compared with a loss of C$-739,950 in the prior year.

Full-year total revenue grew 50.2% year over year to C$4.4 million from C$2.9 million, and total operating expenses decreased year over year to C$3.7 million from C$3.8 million.

The company said reported net income came to C$140,980, or 0 cents per share, in the full year, compared with a loss of C$1.2 million, or a loss of 4 cents per share, the prior year.