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Twinbird fiscal Q1 profit falls YOY

Twinbird Corp. said its normalized net income for the fiscal first quarter ended May 31 came to ¥3.37 per share, a decline of 69.5% from ¥11.03 per share in the first quarter ended June 25, 2013.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥29.4 million, a decrease of 69.5% from ¥96.3 million in the first quarter ended June 25, 2013.

The normalized profit margin dropped to 1.0% from 3.1% in the year-earlier period.

Total revenue came to ¥3.08 billion, compared with ¥3.08 billion in the prior-year period, and total operating expenses climbed on an annual basis to ¥2.98 billion from ¥2.94 billion.

Reported net income fell 75.0% year over year to ¥25.0 million, or ¥2.87 per share, from ¥100.0 million, or ¥11.46 per share.

As of July 15, US$1 was equivalent to ¥101.70.