The Directors of Cavalier Corporation report an audited tax paid loss for the year to 30 June 2012 of $1.6 million, compared with $18.2 million profit the previous year.
Excluding the impact of the $8.2 million pre-tax ($5.9 million after tax) costs relating to the business restructuring that had to be taken during the year in response to deteriorating trading conditions,
Operating profit after tax (normalised) for the year was $4.3 million, a decrease of 75% on the $17.3 million (normalised) the previous year.
The Directors advised in April 2012 that they were expecting normalised earnings for the year ended 30 June 2012 to be in the range of $3 to $5 million after tax, with restructuring costs having the effect of reducing these normalised earnings to a loss of $1 to $3 million after tax.
The final results as announced are therefore within the earnings guidance ranges previously provided.