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Invermar swings to profit in Q4

Invermar S.A. said its fourth-quarter normalized net income amounted to 1 cents per share, compared with a loss of 4 cents per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $3.3 million, compared with a loss of $13.1 million in the prior-year period.

The normalized profit margin rose to 16.6% from negative 55.9% in the year-earlier period.

Total revenue declined 15.3% on an annual basis to $19.9 million from $23.4 million, and total operating expenses fell 65.6% year over year to $14.9 million from $43.2 million.

Reported net income totaled a loss of $1.8 million, or a loss of 1 cents per share, compared to a loss of $5.0 million, or a loss of 2 cents per share, in the prior-year period.

For the year, the company's normalized net income totaled a loss of 4 cents per share, compared with a loss of 7 cents per share in the prior year.

Normalized net income was a loss of $12.0 million, compared with a loss of $21.1 million in the prior year.

Full-year total revenue fell 31.9% year over year to $67.8 million from $99.5 million, and total operating expenses decreased 33.1% on an annual basis to $86.8 million from $129.8 million.

The company said reported net income totaled $56.9 million, or 20 cents per share, in the full year, compared with a loss of $14.1 million, or a loss of 5 cents per share, the prior year.