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Avante Logixx Inc profit misses consensus by 79.1% in fiscal Q4

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Avante Logixx Inc profit misses consensus by 79.1% in fiscal Q4

Avante Logixx Inc. said its normalized net income for the fiscal fourth quarter ended March 31 came to C$159,190, a decrease of 32.0% from C$234,130 in the prior-year period.

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

The normalized profit margin fell to 5.6% from 10.6% in the year-earlier period.

Total revenue climbed 29.1% on an annual basis to C$2.8 million from C$2.2 million, and total operating expenses climbed 43.5% year over year to C$2.6 million from C$1.8 million.

Reported net income declined 95.5% year over year to C$76,860, or 0 cents per share, from C$1.7 million, or 3 cents per share.

For the year, the company's normalized net income totaled C$604,460, a decrease of 30.5% from C$870,290 in the prior year.

Full-year total revenue rose 12.2% from the prior-year period to C$10.0 million from C$8.9 million, and total operating expenses rose 20.5% year over year to C$9.1 million from C$7.5 million.

The company said reported net income declined 80.9% on an annual basis to C$530,630, or 1 cents per share, in the full year, from C$2.8 million, or 5 cents per share.