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Andrew Peller swings to profit in fiscal Q4

Andrew Peller Ltd. said its normalized net income for the fiscal fourth quarter ended March 31 was C$112,500, compared with a loss of C$159,380 in the year-earlier period.

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

The normalized profit margin increased to 0.1% from negative 0.2% in the year-earlier period.

Total revenue increased on an annual basis to C$68.8 million from C$66.0 million, and total operating expenses grew on an annual basis to C$67.1 million from C$64.7 million.

Reported net income totaled C$718,000, or 2 cents per share, compared to a loss of C$578,000, or a loss of 1 cents per share, in the year-earlier period.

For the year, the company's normalized net income totaled 32 cents per share, a gain of 5.4% from 30 cents per share in the prior year.

Normalized net income was C$13.7 million, a rise of 5.4% from C$12.9 million in the prior year.

Full-year total revenue increased 6.0% on an annual basis to C$315.7 million from C$297.8 million, and total operating expenses grew 6.0% on an annual basis to C$288.7 million from C$272.4 million.

The company said reported net income increased 12.4% year over year to C$15.8 million, or 37 cents per share, in the full year, from C$14.0 million, or 33 cents per share.