SG&A expenses for the fourth quarter of fiscal 2012 were $29.1 million, compared to $21.4 million in the same quarter of fiscal 2011. The increase was primarily due to $2.1 million of higher costs related to severance expenses, $4.6 million of expenses related to the restatement process, review of strategic alternatives and other activities, and a $0.6 million increase related to investments in sales and marketing.
Restructuring expenses for the fourth quarter of 2012 were $1.6 million related to cost reduction actions, compared with a credit of $0.4 million in the fourth quarter of fiscal 2011 related to a recovery of costs associated with a facility that had been restructured in a previous year.
Operating loss for the fourth quarter of fiscal 2012 was $23.4 million, compared to operating loss of $4.4 million in the fourth quarter of fiscal 2011.
Other income was $5.2 million in the fourth quarter of fiscal 2012 compared to an expense of $2.9 million in the fourth quarter of fiscal 2011. Included in other income for the fourth quarter of fiscal 2012 was foreign exchange transaction gains of $1.4 million and $4.3 million of gains from the derecognition of accrued pricing liabilities. Other expense for the fourth quarter of fiscal 2011 was comprised primarily of losses associated with the Company’s @Ventures portfolio.Net loss for the fourth quarter of fiscal 2012 was $20.2 million, or $(0.46) per share, compared to net loss of $4.5 million, or $(0.10) per share, for the same period in fiscal 2011. Excluding net charges related to depreciation, amortization of intangible assets, share-based compensation, restructuring and impairment of goodwill, the Company reported non-GAAP operating loss of $17.5 million for the fourth quarter of fiscal 2012, compared to non-GAAP operating income of $1.5 million for the same period in fiscal 2011. As of July 31, 2012, the Company had working capital of $113.5 million, compared to $152.4 million at July 31, 2011. Included in working capital as of July 31, 2012 were cash, cash equivalents and marketable securities totaling $52.4 million compared to $111.2 million at July 31, 2011. The reduction in cash was primarily due to operating losses and significant working capital needs for two new client programs. The Company concluded the quarter with no outstanding bank debt.