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Asics swings to loss in Q4

ASICS Corp. said its fourth-quarter normalized net income was a loss of ¥15.51 per share, compared with ¥6.29 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 ¥2.94 billion, compared with income of ¥1.21 billion in the year-earlier period.

The normalized profit margin declined to negative 3.2% from 1.3% in the year-earlier period.

Total revenue totaled ¥91.69 billion, compared with ¥91.20 billion in the year-earlier period, and total operating expenses increased 10.3% on an annual basis to ¥97.31 billion from ¥88.24 billion.

Reported net income totaled a loss of ¥4.97 billion, or a loss of ¥26.15 per share, compared to income of ¥1.13 billion, or ¥5.87 per share, in the year-earlier period.

For the year, the company's normalized net income totaled ¥69.68 per share, a decrease of 38.4% from ¥113.12 per share in the prior year.

Normalized net income was ¥13.99 billion, a decline of 37.8% from ¥22.50 billion in the prior year.

Full-year total revenue declined on an annual basis to ¥428.50 billion from ¥445.25 billion, and total operating expenses decreased year over year to ¥401.05 billion from ¥411.82 billion.

The company said reported net income fell 56.3% year over year to ¥10.22 billion, or ¥50.88 per share, in the full year, from ¥23.41 billion, or ¥117.67 per share.

As of March 28, US$1 was equivalent to ¥113.26.