Clarion Co. Ltd. said its normalized net income for the fiscal fourth quarter ended March 31 was ¥5.79 per share, a decrease of 34.2% from ¥8.80 per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥1.63 billion, a decline of 34.3% from ¥2.48 billion in the year-earlier period.

The normalized profit margin dropped to 3.0% from 4.6% in the year-earlier period.

Total revenue came to ¥54.42 billion, compared with ¥54.33 billion in the prior-year period, and total operating expenses rose from the prior-year period to ¥51.57 billion from ¥50.08 billion.

Reported net income decreased 43.6% from the prior-year period to ¥2.11 billion, or ¥7.48 per share, from ¥3.74 billion, or ¥13.26 per share.

For the year, the company's normalized net income totaled ¥22.39 per share, a gain of 57.5% from ¥14.21 per share in the prior year.

Normalized net income was ¥6.31 billion, a gain of 57.5% from ¥4.01 billion in the prior year.

Full-year total revenue rose 8.9% from the prior-year period to ¥216.23 billion from ¥198.63 billion, and total operating expenses grew 7.4% on an annual basis to ¥205.10 billion from ¥191.03 billion.

The company said reported net income grew 58.8% on an annual basis to ¥7.74 billion, or ¥27.47 per share, in the full year, from ¥4.88 billion, or ¥17.29 per share.

As of June 27, US$1 was equivalent to ¥101.69.