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Emak swings to profit in Q4

Emak S.p.A. said its normalized net income for the fourth quarter was €559,000, compared with a loss of €3.1 million in the prior-year period.

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

The normalized profit margin increased to 0.7% from negative 4.4% in the year-earlier period.

Total revenue grew 12.5% on an annual basis to €79.4 million from €70.6 million, and total operating expenses grew 5.5% year over year to €78.9 million from €74.8 million.

Reported net income totaled €1.1 million, or 1 cents per share, compared to a loss of €4.0 million, or a loss of 2 cents per share, in the prior-year period.

For the year, the company's normalized net income totaled 6 cents per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 7 cents.

EPS declined 7.8% from 7 cents in the prior year.

Normalized net income was €10.1 million, a fall of 7.7% from €11.0 million in the prior year.

Full-year total revenue rose 7.6% year over year to €381.6 million from €354.8 million, and total operating expenses rose 6.6% year over year to €357.1 million from €335.0 million.

The company said reported net income decreased 15.5% year over year to €8.8 million, or 5 cents per share, in the full year, from €10.5 million, or 6 cents per share.