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Diamond Estates Wines & Spirits fiscal Q4 loss widens YOY

Diamond Estates Wines & Spirits Inc. said its normalized net income for the fiscal fourth quarter ended March 31 amounted to a loss of C$517,280, compared with a loss of C$112,230 in the prior-year period.

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

The normalized profit margin dropped to negative 9.6% from negative 2.8% in the year-earlier period.

Total revenue climbed 69.3% year over year to C$6.8 million from C$4.0 million, and total operating expenses grew 70.8% on an annual basis to C$7.2 million from C$4.2 million.

Reported net income totaled a loss of C$798,640, or a loss of 1 cents per share, compared to a loss of C$715,740, or a loss of 1 cents per share, in the prior-year period.

For the year, the company's normalized net income totaled C$513,140, compared with a loss of C$-1.8 million in the prior year.

Full-year total revenue rose 24.5% from the prior-year period to C$25.7 million from C$20.7 million, and total operating expenses grew 17.6% year over year to C$25.4 million from C$21.6 million.

The company said reported net income came to a loss of C$1.5 million, or a loss of 2 cents per share, in the full year, compared with a loss of C$4.1 million, or a loss of 9 cents per share, the prior year.