Operating expenses for the fiscal year 2012 fourth quarter increased to $30.8 million from $11.0 million for the prior year period, but decreased as a percent of revenue to 69.1% for the fiscal year 2012 fourth quarter, compared to 72.9% of revenue for the same period last year. On a sequential quarter basis, operating expenses as a percentage of revenue increased slightly from 68.5% in the third fiscal quarter. The increase in the amount of operating expenses is due primarily to increased sales commissions which are a direct result of the Company's higher sales volume. This increase in the amount of operating expenses also reflects greater investment in personnel and infrastructure to position the Company for future growth.
Operating income improved to $7.3 million for the fourth fiscal quarter, compared to $2.0 million in the same period last year and $6.4 million in the third fiscal quarter. This was the Company's eighth consecutive quarter of achieving operating income. Operating income margin was 16.5% in the fourth fiscal quarter, compared to 13.0% in the same period last year and 17.7% in the third fiscal quarter.
Net Income for the fourth quarter of fiscal year 2012 was $4.8 million, or $0.04 per diluted share. This compares to a net loss in the fourth quarter of fiscal year 2011 of $47.2 million, or $(0.56) per diluted share.
Fiscal 2012 Full Year ResultsFor the full year ended June 30, 2012, the Company reported record net revenue of $126.2 million, compared to $38.9 million in fiscal 2011, a 224% increase. Operating income increased to $21.5 million, compared to $3.7 million for the prior fiscal year. Net Income improved to $12.5 million or $0.11 per diluted share compared to a net loss of $50.8 million or $(0.69) per diluted share for the prior fiscal year. Balance Sheet & Liquidity The Company's cash balance at June 30, 2012 was $24.6 million, a significant increase from $6.4 million at the end of fiscal 2011, due to strong revenue growth and operating profits. The Company generated $19.4 million of cash flow from operations for the full year ended June 30, 2012, compared to $4.7 million for the prior fiscal year. Stockholders' Equity increased to $28.3 million as of June 30, 2012 compared to a Stockholders' Deficit of $(20.8) million as of June 30, 2011.
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