Selling, General and Administrative Expenses
SG&A expenses for 2011 were $153.4 million compared with $148.3 million last year, a $5.1 million, or a 3.4%, increase. In 2011, SG&A expenses as a percentage of total revenues were 21.3% compared to 25.8% in 2010.
Income (Loss) from Operations
Income from operations in 2011 was $40.1 million, or 5.6% of revenues, compared to loss from operations in 2010 of $11.9 million, or 2.1% of revenues.
Interest expense in 2011 was $28.7 million compared to $29.1 million in 2010.
Net Income (Loss)
Net income was $8.9 million, or $0.26 per diluted share, compared to a net loss of $25.5 million, or ($0.73) per diluted share in 2010. The effective income tax rate was 26.5% in 2011 as compared to 37.0% in 2010.
EBITDA for 2011 increased $59.3 million to $140.3 million from $81.0 million in 2010. EBITDA as a percentage of revenues was 19.5% compared with 14.1% in 2010.
Non-GAAP Financial Measures
This press release contains certain Non-GAAP measures (EBITDA). Please refer to our Current Report on Form 8-K for a description of our use of these measures. These measures as calculated by the Company are not necessarily comparable to similarly titled measures reported by other companies. Additionally, these Non-GAAP measures are not measurements of financial performance or liquidity under GAAP and should not be considered as alternatives to the Company's other financial information determined under GAAP.
The Company’s management will hold a conference call to discuss fourth quarter results today, March 1, 2012, at 10:00 a.m. (Eastern Time). To listen to the call, participants should dial 719-325-4925 approximately 10 minutes prior to the start of the call. A telephonic replay will become available after 12:00 p.m. (Eastern Time) on March 1, 2012, and will continue to be available through March 12, 2012, by dialing 719-457-0820 and entering confirmation code 4934758.