Mizuno Corp. said its normalized net income for the fiscal fourth quarter ended March 31 amounted to ¥34.05 per share, a decline of 23.7% from ¥44.64 per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥857.5 million, a decrease of 23.6% from ¥1.12 billion in the prior-year period.

The normalized profit margin dropped to 1.6% from 2.2% in the year-earlier period.

Total revenue grew year over year to ¥53.38 billion from ¥51.01 billion, and total operating expenses increased 5.3% year over year to ¥51.50 billion from ¥48.91 billion.

Reported net income grew 69.3% from the prior-year period to ¥943.0 million, or ¥37.44 per share, from ¥557.0 million, or ¥22.16 per share.

For the year, the company's normalized net income totaled ¥125.69 per share, a decline of 11.7% from ¥142.41 per share in the prior year.

Normalized net income was ¥3.16 billion, a decline of 11.4% from ¥3.57 billion in the prior year.

Full-year total revenue rose year over year to ¥187.08 billion from ¥183.20 billion, and total operating expenses rose year over year to ¥182.02 billion from ¥177.51 billion.

The company said reported net income increased 26.6% on an annual basis to ¥3.34 billion, or ¥132.80 per share, in the full year, from ¥2.64 billion, or ¥105.32 per share.

As of June 24, US$1 was equivalent to ¥124.31.