Now, I am pleased to report that we achieved a solid fourth quarter on both the top line and bottom line with record sales and positive net income as we were anticipating. Total sales reached $14.8 million, up 33% over the last year on a reported basis and up 32% on a constant currency basis. This growth was driven by in constant currency rates 43% growth in global direct sales including our acquisition of Laprolan and 15% growth on an organic basis excluding the Laprolan’s contribution. Global private label sales were down 1%.
In terms of GAAP earnings, we reported net income of approximately $407,000 and on a non-GAAP basis excluding certain non-cash expenses we reported income of $822,000. Today’s performance is on track with our expectations. These results are gratifying and are evidence of the solid progress we are making for growing revenues and improving profitability on a sustainable basis. I am encouraged by our performance in fiscal 2011 and optimistic about the future.
Now let me turn over to Dave for further details on the quarter.
David JonasThanks Jim. I’m going to spend a few minutes highlighting the results reflected in our just released fourth quarter 2011 earnings release. In this discussion, unless otherwise noted all sales information will be discussed in constant currency. I’m doing this to exclude the impact of foreign currency exchange in order to show a true reflection of our sales growth.Foreign currency added approximately $160,000 to top line results in the fourth quarter and added about $490,000 in the 12-month period. As Jim mentioned, total sales rose 32% in the fourth quarter including Laprolan to $14.8 million versus $11.3 million a year ago. Organic growth excluding Laprolan was approximately 11% for the fourth quarter and there is 11% organic growth consisted of 18% direct organic growth offset by a nearly flat private label quarter.
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