For the fourth quarter of 2012, the Company reported net income (including discontinued operation) of $13.6 million, or $0.44 per diluted share, compared to $3.2 million, or $0.10 per diluted share, for the fourth quarter of 2011. Net income for the fourth quarter of 2012 included $6.2 million from the non-cash recognition of currency translation adjustments related to foreign entities of the discontinued operation. Excluding recognition of currency translation adjustments, net income for the fourth quarter of 2012 was $7.4 million, or $0.24 per diluted share.
For the full year 2012, the Company reported net income (including discontinued operation) of $16.9 million, or $0.55 per diluted share, compared to net income of $1.4 million, or $0.05 per diluted share, for 2011. Net income for 2012 included $6.2 million from the non-cash recognition of currency translation adjustments related to foreign entities of the discontinued operation. Excluding recognition of currency translation adjustments, net income for 2012 was $10.7 million, or $0.35 per diluted share.
Mr. Cazenave continued, “As we begin 2013, we are encouraged by the overall position of our more efficient business platform and expanding portfolio of products. New products will continue to be a key driver of the growth and profitability improvement in the business. While it is still early, we are pleased with the initial consumer reception to our newest products and are optimistic that they will contribute to our top and bottom lines in coming quarters.”
For further information, see "Results of Operations Information" attached hereto.Segment Results Net sales for the Direct segment were $41.4 million in the fourth quarter of 2012, an increase of 30.7% over the comparable period last year, reflecting strong demand for the Company's cardio products driven by increased advertising and call center effectiveness and higher U.S. consumer credit approval rates. U.S. credit approval rates rose to 37% in the fourth quarter of 2012, up from 30% for the same period last year. Fourth quarter 2012 sales also benefitted from sales of CoreBody Reformer following its relaunch in the third quarter of 2012.
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