Scandinavian Brake Systems A/S said its normalized net income for the fourth quarter was a loss of 3.11 Danish kroner per share, compared with a loss of 3.19 kroner per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 10.4 million kroner, compared with a loss of 10.1 million kroner in the prior-year period.

Total revenue fell 11.5% year over year to 158.4 million kroner from 178.9 million kroner, and total operating expenses decreased 9.7% from the prior-year period to 169.4 million kroner from 187.5 million kroner.

Reported net income came to a loss of 177.6 million kroner, or a loss of 53.27 kroner per share, compared to income of 41.7 million kroner, or 13.20 kroner per share, in the prior-year period.

For the year, the company's normalized net income totaled a loss of 53 øre per share, compared with 2.84 kroner per share in the prior year.

Normalized net income was a loss of 1.7 million kroner, compared with income of 9.1 million kroner in the prior year.

Full-year total revenue declined 22.7% from the prior-year period to 783.5 million kroner from 1.01 billion kroner, and total operating expenses fell 20.7% on an annual basis to 764.0 million kroner from 963.9 million kroner.

The company said reported net income came to a loss of 171.9 million kroner, or a loss of 53.58 kroner per share, in the full year, compared with income of 61.7 million kroner, or 19.22 kroner per share, the prior year.

As of March 29, US$1 was equivalent to 6.67 Danish kroner.