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AUTOWAVE fiscal Q4 profit climbs YOY

AUTOWAVE Co. Ltd. said its normalized net income for the fiscal fourth quarter ended March 31 was ¥3.20 per share, an increase from ¥1.51 per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥46.3 million, an increase from ¥21.9 million in the prior-year period.

The normalized profit margin increased to 2.2% from 0.7% in the year-earlier period.

Total revenue declined 26.7% year over year to ¥2.14 billion from ¥2.92 billion, and total operating expenses declined 27.5% from the prior-year period to ¥2.08 billion from ¥2.87 billion.

Reported net income increased from the prior-year period to ¥125.0 million, or ¥8.65 per share, from ¥57.0 million, or ¥3.94 per share.

For the year, the company's normalized net income totaled a loss of 65 sen per share, compared with ¥7.79 per share in the prior year.

Normalized net income was a loss of ¥9.4 million, compared with income of ¥112.5 million in the prior year.

Full-year total revenue decreased 15.0% on an annual basis to ¥8.91 billion from ¥10.48 billion, and total operating expenses decreased 13.5% on an annual basis to ¥8.95 billion from ¥10.35 billion.

The company said reported net income decreased 90.2% year over year to ¥16.0 million, or ¥1.11 per share, in the full year, from ¥164.0 million, or ¥11.35 per share.

As of June 26, US$1 was equivalent to ¥123.96.