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Fuling Global Q4 profit falls YOY

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Fuling Global Q4 profit falls YOY

Fuling Global Inc. said its normalized net income for the fourth quarter was 2 cents per share, a decline of 67.5% from 7 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 $342,610, a decrease of 60.0% from $856,810 in the year-earlier period.

The normalized profit margin fell to 1.5% from 3.9% in the year-earlier period.

Total revenue climbed on an annual basis to $23.1 million from $22.2 million, and total operating expenses climbed 12.8% year over year to $22.2 million from $19.7 million.

Reported net income decreased 35.1% year over year to $1.1 million, or 7 cents per share, from $1.6 million, or 14 cents per share.

For the year, the company's normalized net income totaled 44 cents per share, compared with 44 cents per share in the prior year.

Normalized net income was $5.4 million, a gain of 6.0% from $5.1 million in the prior year.

Full-year total revenue increased 9.8% on an annual basis to $91.3 million from $83.2 million, and total operating expenses grew 12.0% on an annual basis to $82.3 million from $73.5 million.

The company said reported net income grew 7.4% on an annual basis to $8.0 million, or 65 cents per share, in the full year, from $7.5 million, or 64 cents per share.