Kawai Musical Instruments Mfg. said its normalized net income for the fiscal fourth quarter ended March 31 amounted to ¥13.47 per share, a decline of 71.0% from ¥46.42 per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥111.4 million, a decline of 71.7% from ¥393.0 million in the year-earlier period.

The normalized profit margin declined to 0.6% from 2.3% in the year-earlier period.

Total revenue rose 8.8% on an annual basis to ¥18.24 billion from ¥16.77 billion, and total operating expenses increased 10.9% on an annual basis to ¥18.00 billion from ¥16.23 billion.

Reported net income came to a loss of ¥122.0 million, or a loss of ¥14.76 per share, compared to income of ¥384.0 million, or ¥45.36 per share, in the year-earlier period.

For the year, the company's normalized net income totaled ¥147.63 per share, a decrease of 23.0% from ¥191.75 per share in the prior year.

Normalized net income was ¥1.24 billion, a decline of 23.6% from ¥1.62 billion in the prior year.

Full-year total revenue increased 9.9% on an annual basis to ¥66.34 billion from ¥60.39 billion, and total operating expenses rose 10.8% year over year to ¥64.78 billion from ¥58.48 billion.

The company said reported net income declined 31.9% on an annual basis to ¥1.05 billion, or ¥125.54 per share, in the full year, from ¥1.55 billion, or ¥182.73 per share.

As of June 26, US$1 was equivalent to ¥123.96.