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Onkyo swings to loss in fiscal Q4

Onkyo Corp. said its normalized net income for the fiscal fourth quarter ended March 31 was a loss of ¥13.62 per share, compared with ¥16.20 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 ¥892.6 million, compared with income of ¥996.9 million in the prior-year period.

The normalized profit margin fell to negative 9.0% from 9.1% in the year-earlier period.

Total revenue decreased 8.8% on an annual basis to ¥9.94 billion from ¥10.90 billion, and total operating expenses grew 18.3% on an annual basis to ¥10.79 billion from ¥9.12 billion.

Reported net income totaled a loss of ¥1.16 billion, or a loss of ¥17.74 per share, compared to income of ¥1.37 billion, or ¥22.30 per share, in the prior-year period.

For the year, the company's normalized net income totaled a loss of ¥32.75 per share, compared with a loss of ¥2.90 per share in the prior year.

Normalized net income was a loss of ¥2.06 billion, compared with a loss of ¥178.5 million in the prior year.

Full-year total revenue fell on an annual basis to ¥35.56 billion from ¥36.06 billion, and total operating expenses increased 6.7% year over year to ¥38.18 billion from ¥35.77 billion.

The company said reported net income totaled a loss of ¥4.06 billion, or a loss of ¥64.57 per share, in the full year, compared with a loss of ¥459.0 million, or a loss of ¥7.46 per share, the prior year.

As of June 23, US$1 was equivalent to ¥123.88.