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Innova Gaming profit misses consensus by 45.9% in Q4

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Innova Gaming profit misses consensus by 45.9% in Q4

Innova Gaming Group Inc. said its normalized net income for the fourth quarter was $184,370, a decrease of 59.0% from $449,640 in the prior-year period.

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

The normalized profit margin fell to negative 3.9% from 10.0% in the year-earlier period.

Total revenue increased 29.1% on an annual basis to $5.8 million from $4.5 million, and total operating expenses rose 48.2% from the prior-year period to $5.7 million from $3.9 million.

Reported net income totaled $1.3 million, or 6 cents per share, compared to a loss of $858,890, or a loss of 5 cents per share, in the prior-year period.

For the year, the company's normalized net income totaled $174,670, compared with income of $249,520 in the prior year.

Full-year total revenue rose 14.6% from the prior-year period to $21.2 million from $18.5 million, and total operating expenses grew 12.7% year over year to $20.3 million from $18.0 million.

The company said reported net income came to a loss of $395,330, or a loss of 2 cents per share, in the full year, compared with income of $6.8 million, or 41 cents per share, the prior year.