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Sportscene swings to loss in fiscal Q3

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Sportscene swings to loss in fiscal Q3

Sportscene Group Inc. said its normalized net income for the fiscal third quarter ended May 29 was a loss of 5 Canadian cents per share, compared with 4 cents 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 C$213,000, compared with income of C$180,000 in the year-earlier period.

The normalized profit margin dropped to negative 0.9% from 0.8% in the year-earlier period.

Total revenue fell 8.2% on an annual basis to C$19.9 million from C$21.7 million, and total operating expenses declined 6.9% from the prior-year period to C$19.8 million from C$21.2 million.

Reported net income totaled a loss of C$333,200, or a loss of 8 cents per share, compared to income of C$211,000, or 5 cents per share, in the prior-year period.