With that, I'll now turn the call over to John Sztykiel.
Alright. Greg, thank you very much, and good morning, to all and thank you for joining us today. First, I'm just going cover a quick overview, actually of the first half of 2012/2012, then discuss Q4 2011, full year 2011; followed by the operational plan, the growth agenda and the market overview.
Joe Nowicki, our CFO will then provide a more detailed review of the fourth quarter of 2011 and the full year financial results. We will then conclude with an update, our strategic direction followed by a Q&A session.
Just quickly, as I look at '12 and the interesting thing is that actually what makes me very comfortable in 2012, why I sit here today is that, when I look at '12, the backlog is up our cost base is reduced. We have several strategic initiatives in place from Reach horizon moving forward with several yet to come. And we look forward that 2012 getting up in a good way, a good start. And we're excited about this year much more so than we were last year at this time.
So I just wanted to give you a quick synopsis, because as we look at 2011, we did a lot of things right from the strategic perspective. We made money which was very positive. Did a lot of things right from a balance sheet perspective. However, when you look at the operating income, obviously, it was a challenging year for us and we look forward to 2012 being better.
In the fourth quarter, Spartan reported revenue of $111 million and net income of $0.02 per share. Our revenue for the quarter was down from $126.9 million in the prior year, while the net income per share in the fourth quarter of 2010 was $0.10 per diluted share. Most of the decline in revenue year-over-year was due to a large parts order in our defense business that we shipped in the fourth quarter 2010.