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Sportscene swings to loss in fiscal Q4

Sportscene Group Inc. said its normalized net income for the fiscal fourth quarter ended Aug. 30 amounted to a loss of 19 Canadian cents per share, compared with 1 cents per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of C$770,750, compared with income of C$53,500 in the year-earlier period.

The normalized profit margin declined to negative 5.2% from 0.3% in the year-earlier period.

Total revenue fell on an annual basis to C$19.2 million from C$19.4 million, and total operating expenses climbed 7.1% on an annual basis to C$20.2 million from C$18.9 million.

Reported net income totaled a loss of C$2.1 million, or a loss of 51 cents per share, compared to income of C$84,620, or 2 cents per share, in the year-earlier period.

For the year, the company's normalized net income totaled a loss of 22 cents per share, compared with 59 cents per share in the prior year.

Normalized net income was a loss of C$919,630, compared with income of C$2.5 million in the prior year.

Full-year total revenue increased from the prior-year period to C$77.9 million from C$75.4 million, and total operating expenses grew 10.1% on an annual basis to C$78.6 million from C$71.4 million.

The company said reported net income came to a loss of C$2.2 million, or a loss of 53 cents per share, in the full year, compared with income of C$3.1 million, or 73 cents per share, the prior year.