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International Parkside Products swings to profit in fiscal Q4

International Parkside Products Inc. said its normalized net income for the fiscal fourth quarter ended July 31 was C$128,720, compared with a loss of C$184,850 in the prior-year period.

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

The normalized profit margin rose to 11.3% from negative 21.9% in the year-earlier period.

Total revenue grew 35.4% on an annual basis to C$1.1 million from C$842,760, and total operating expenses declined 13.5% year over year to C$999,580 from C$1.2 million.

Reported net income totaled C$204,860, or 1 cents per share, compared to a loss of C$277,840, or a loss of 1 cents per share, in the prior-year period.

For the year, the company's normalized net income totaled 1 cents per share, compared with a loss of 1 cents per share in the prior year.

Normalized net income was C$195,910, compared with a loss of C$193,180 in the prior year.

Full-year total revenue fell 5.8% on an annual basis to C$4.2 million from C$4.4 million, and total operating expenses fell 15.6% year over year to C$4.0 million from C$4.8 million.

The company said reported net income totaled C$312,350, or 2 cents per share, in the full year, compared with a loss of C$312,350, or a loss of 2 cents per share, the prior year.