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DGSE Cos. swings to loss in Q4

DGSE Cos. Inc. said its normalized net income for the fourth quarter amounted to a loss of $353,760, compared with income of $65,200 in the year-earlier period.

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

The normalized profit margin dropped to negative 3.5% from 0.4% in the year-earlier period.

Total revenue decreased 8.5% on an annual basis to $16.6 million from $18.1 million, and total operating expenses decreased 5.0% year over year to $17.1 million from $18.0 million.

Reported net income came to a loss of $982,820, or a loss of 8 cents per share, compared to income of $121,730, or 1 cents per share, in the year-earlier period.

For the year, the company's normalized net income totaled a loss of 10 cents per share, compared with a loss of 3 cents per share in the prior year.

Normalized net income was a loss of $1.2 million, compared with a loss of $422,830 in the prior year.

Full-year total revenue declined 13.9% on an annual basis to $60.9 million from $70.7 million, and total operating expenses decreased 12.1% year over year to $62.5 million from $71.1 million.

The company said reported net income totaled a loss of $2.3 million, or a loss of 19 cents per share, in the full year, compared with a loss of $610,840, or a loss of 5 cents per share, the prior year.