Shengkai Innovations, Inc. (VALV) posted fourth-quarter net loss of $0.2 million or $0.01 per share, compared to a net income of $24.4 million or $1.42 per share in the comparable quarter last year.
Non-GAAP net income for the quarter declined to $0.1 million or $0.01 per share from $8.7 million or $0.51 per share in the previous year period. The decrease was primarily due to the decline in revenues resulting from slowdown in economy, increase in product sales price and marketing transition, coupled with higher costs associated with depreciation and raw material prices, and relatively high operating expenses.
Revenues were $5.3 million, compared with $27.3 million in the fourth quarter of fiscal year 2011.
For fiscal 2012, GAAP net income was $2.4 million or $0.13 per share, compared to $93.5 million or $5.34 per share in the same period last year.
Non-GAAP net income for fiscal 2012 declined to $5.1 million or $0.28 per share from $33.5 million or $1.91 per share in the year-ago period.
Revenues for the fiscal year ended June 30, 2012 were $32.3 million, compared with $93.5 million for FY2011.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.