date:Jun 08, 2012
Net income for the fourth quarter was $1.9m, down from $5.1m the fourth quarter of the prior year.
According to the company, the decline in net income was primarily related to charges incurred as a result of the company's IPO and income taxes at an effective rate of 46%, as compared to only 4% in 2011, primarily due to the reversal of a valuation allowance on deferred tax assets in fiscal 2011.
For the fiscal 2012, net sales increased 20% to $141.3m. The net income was $9.6m, down from $20.2m th