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Multiexport Foods swings to loss in Q4

Multiexport Foods SA said its normalized net income for the fourth quarter was a loss of $6.0 million, compared with income of $1.9 million in the year-earlier period.

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

The normalized profit margin fell to negative 7.0% from 1.7% in the year-earlier period.

Total revenue decreased 23.3% on an annual basis to $85.8 million from $111.8 million, and total operating expenses decreased 10.7% from the prior-year period to $96.2 million from $107.7 million.

Reported net income totaled a loss of $6.5 million, or a loss of 0 cents per share, compared to income of $4.3 million, or 0 cents per share, in the prior-year period.

For the year, the company's normalized net income totaled $20.5 million, compared with income of $326,880 in the prior year.

Full-year total revenue declined 13.4% year over year to $346.3 million from $400.1 million, and total operating expenses fell on an annual basis to $382.7 million from $394.7 million.

The company said reported net income came to a loss of $30.6 million, or a loss of 2 cents per share, in the full year, compared with income of $13.4 million, or 1 cents per share, the prior year.