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Inter-Rock Minerals Q4 loss widens YOY

Inter-Rock Minerals Inc. said its fourth-quarter normalized net income was a loss of $179,380, compared with a loss of $13,130 in the year-earlier period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin dropped to negative 5.4% from negative 0.5% in the year-earlier period.

Total revenue increased 32.4% on an annual basis to $3.4 million from $2.5 million, and total operating expenses grew 38.6% from the prior-year period to $3.6 million from $2.6 million.

Reported net income came to a loss of $295,420, or a loss of 2 cents per share, compared to a loss of $15,120, or a loss of 0 cents per share, in the prior-year period.

For the year, the company's normalized net income totaled $164,380, compared with a loss of $-258,130 in the prior year.

Full-year total revenue rose 11.3% on an annual basis to $11.8 million from $10.6 million, and total operating expenses grew 9.7% year over year to $11.9 million from $10.8 million.

The company said reported net income totaled a loss of $271,420, or a loss of 1 cents per share, in the full year, compared with a loss of $407,120, or a loss of 2 cents per share, the prior year.