Another quarterly loss $2.7M for the 4th qtr and for the year made $1.1M with a $9M legal settlement. The company is just not profitable. Eclipse and Pembroke projects lost money overall. Their construction business has not made money in 5 years. Revenue from all construction in 2011 was $14M and cost to build was $12M. When you add salaries and selling expenses they lost $8.1M. So their core business generated an 8.1M loss in 11 and an 8.7M loss in 10. I've been waiting for them to make money for a long time. They really need to be more cost conscious. They're very frivolous with their money and have to keep borrowing.
For the year ended December 31, 2011, the Company reported a net income of $1.1 million or $0.05 per basic and diluted share compared to a net loss of $(7.7) million or $(0.42) per basic and diluted share for the year ended December 31, 2010. Included in the 2011 results was a gain related to a legal settlement of $9.4 million. Total revenue for the year ended December 31, 2011 was $22.2 million as compared to $23.9 million for the year ended December 31, 2010. Cash flow from operating activities was $12.7 million for 2011 compared to $15.4 million for 2010.