IRVINE, Calif., April 2, 2012 /PRNewswire/ -- VIASPACE Inc. (OTC Bulletin Board: VSPC), a clean energy company growing Giant King™ Grass as a low-carbon, renewable biomass crop, today reported financial results for the fourth-quarter and year ended December 31, 2011.
2011 Financial Highlights
- Total revenue for 2011 was $6,759,000, compared with total revenue for 2010 of $3,643,000, an increase of $3,116,000 or 86%.
- Gross profit for 2011 was $2,071,000, compared to gross profit of $1,009,000 for 2010, an increase of $1,062,000 or 105%.
- Selling, general and administrative (SG&A) operating expense was $3,589,000 compared to $3,650,000 in 2010. Operations expense was $267,000 compared to $178,000 in 2010. In 2011, there was $7,307,000 of goodwill impairment expense. Total operating expenses for 2011 were $11,163,000 compared to $3,828,000 in 2010.
- Operating loss for 2011 was $9,092,000, compared to an operating loss of $2,819,000 in 2010.
- Net loss for 2011 was $9,359,000 compared to a net loss in 2010 of $2,961,000. After effect of loss attributed to noncontrolling interests, net loss attributed to the Company was $7,482,000 in 2011 compared to net loss attributed to the Company of $2,833,000 in 2010.
- Net loss per share for 2011 and 2010 were both less than $0.01 per share
- Total revenue for fourth-quarter 2011 was $1,184,000, compared with total revenue for fourth-quarter 2010 of $1,040,000, an increase of $144,000 or 14%.
- Gross profit was $363,000, compared to gross profit of $288,000 for fourth-quarter 2010, an increase of $75,000 or 26%.
- Total operating expenses in 2011 were $8,504,000, including $1,069,000 of selling, general and administrative (SG&A) expense, $128,000 for operations and $7,307,000 of goodwill impairment expense. Total operating expenses for fourth-quarter 2010 were $922,000 and included $860,000 in SG&A and $62,000 for operations.
- Operating loss was $8,141,000, compared to an operating loss of $634,000 in fourth-quarter 2010.
- Net loss was $8,298,000 compared to a net loss in fourth-quarter 2010 of $695,000. After effect of loss attributed to noncontrolling interests, net loss attributed to the Company was $6,309,000 in fourth-quarter 2011 compared to net loss attributed to the Company of $657,000 in fourth-quarter 2010.
- Net loss per share for fourth-quarter 2011 and fourth-quarter 2010 were both less than $0.01 per share
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