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Conn's Inc. swings to loss in fiscal Q3

Conn's Inc. said its normalized net income for the fiscal third quarter ended Oct. 31 amounted to a loss of 7 cents per share, compared with the S&P Capital IQ consensus estimate of 68 cents per share.

The per-share result swung to a loss from the prior-year profit of 69 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of $2.5 million, compared with income of $25.5 million in the prior-year period.

The normalized profit margin declined to negative 0.7% from 8.2% in the year-earlier period.

Total revenue climbed 19.0% on an annual basis to $370.1 million from $310.9 million, and total operating expenses grew 38.5% from the prior-year period to $374.0 million from $270.1 million.

Reported net income came to a loss of $2.9 million, or a loss of 8 cents per share, compared to income of $24.4 million, or 66 cents per share, in the prior-year period.