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LEC Inc. fiscal Q4 loss narrows YOY

LEC Inc. said its normalized net income for the fiscal fourth quarter ended March 31 amounted to a loss of ¥6.23 per share, compared with a loss of ¥7.41 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 ¥109.6 million, compared with a loss of ¥130.4 million in the year-earlier period.

The normalized profit margin increased to negative 1.7% from negative 1.9% in the year-earlier period.

Total revenue declined year over year to ¥6.64 billion from ¥6.81 billion, and total operating expenses fell from the prior-year period to ¥7.00 billion from ¥7.21 billion.

Reported net income came to a loss of ¥285.0 million, or a loss of ¥16.20 per share, compared to a loss of ¥390.0 million, or a loss of ¥22.16 per share, in the year-earlier period.

For the year, the company's normalized net income totaled ¥27.94 per share, a gain from ¥8.86 per share in the prior year.

Normalized net income was ¥491.8 million, a rise from ¥156.0 million in the prior year.

Full-year total revenue grew 5.7% on an annual basis to ¥29.32 billion from ¥27.72 billion, and total operating expenses increased on an annual basis to ¥29.09 billion from ¥27.89 billion.

The company said reported net income came to ¥254.0 million, or ¥14.43 per share, in the full year, compared with a loss of ¥74.0 million, or a loss of ¥4.21 per share, the prior year.

As of June 26, US$1 was equivalent to ¥123.96.