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Nova Lifestyle Q4 profit falls YOY

Nova Lifestyle Inc. said its normalized net income for the fourth quarter came to 2 cents per share, a decrease of 62.2% from 6 cents per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $507,390, a decline of 59.6% from $1.3 million in the year-earlier period.

The normalized profit margin fell to 3.4% from 4.3% in the year-earlier period.

Total revenue decreased year over year to $28.6 million from $29.0 million, and total operating expenses fell from the prior-year period to $27.9 million from $28.4 million.

Reported net income declined 62.4% on an annual basis to $717,200, or 3 cents per share, from $1.9 million, or 8 cents per share.

For the year, the company's normalized net income totaled 8 cents per share, a decline of 76.2% from 32 cents per share in the prior year.

Normalized net income was $1.7 million, a fall of 73.5% from $6.5 million in the prior year.

Full-year total revenue rose 10.2% from the prior-year period to $108.8 million from $98.7 million, and total operating expenses increased 13.7% year over year to $105.3 million from $92.6 million.

The company said reported net income declined 73.5% on an annual basis to $2.3 million, or 10 cents per share, in the full year, from $8.6 million, or 42 cents per share.