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Sportscene fiscal Q3 profit falls YOY

Sportscene Group Inc. said its normalized net income for the fiscal third quarter ended May 31 came to 4 Canadian cents per share, a decline of 84.3% from 27 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 C$180,000, a decrease of 84.3% from C$1.1 million in the year-earlier period.

The normalized profit margin dropped to 0.8% from 5.6% in the year-earlier period.

Total revenue rose 6.6% on an annual basis to C$21.7 million from C$20.4 million, and total operating expenses grew 13.8% from the prior-year period to C$21.2 million from C$18.7 million.

Reported net income fell 84.4% year over year to C$211,000, or 5 cents per share, from C$1.4 million, or 32 cents per share.