Shengkai Innovations, Inc. (VALV: Quote) 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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by RTT Staff Writer
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