Baccarat reported consolidated earnings results for the year ending December 31, 2011. For the period, the company reported sales of EUR 125,871,000 compared with EUR 143,206,000 for the same period last year. Current operating income was EUR 731,000 compared with EUR 3,227,000 for the same period last year. Operating income was EUR 4,980,000 compared with EUR 42,000 for the same period last year. Consolidated net result was EUR 2,201,000 compared with consolidated net loss of EUR 2,344,000 for the same period last year. Net debt was EUR 14,278,000 compared with EUR 21,418,000 for the same period last year. Current operating income is up mainly due to non-recurring costs. Sales were up in each geographic region. In Europe, sales increased (+15%) over 2010. In Japan, despite a difficult macroeconomic context, sales were also up 3% in yen over the previous year (+7% in euros). In the United States, on a comparable basis, the product repositioning started to bear fruits as sales increased by 23% in dollars (+17% in euros).