Cache Inc. reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2011. For the quarter, the company's net sales increased 12.5% to $62.9 million from $55.9 million in the fourth quarter of fiscal 2010. Comparable store sales increased 12.4%, compared to a decrease of 6.4% in the fourth quarter of fiscal 2010. Operating income totaled $2.4 million, a significant improvement from an operating loss of $13.8 million in the fourth quarter of 2010. Net income was totaled $1.9 million or $0.15 per basic and diluted share as compared to a net loss of $14.22 million or $1.11 per basic and diluted share last year. Income before income taxes was $2,378,000 compared to loss before income taxes of $13,830,000 reported a year ago. Adjusted net income was $1.5 million, or $0.12 per diluted share, excluding tax valuation allowance reversal, store impairment charges and gain on note payable settlement, as compared to adjusted net loss for the fourth quarter of fiscal 2010 of $2.0 million or $0.16 per diluted share excluding impairment charges, other legal expenses and the tax valuation allowance. For the year, the company's net sales were $223,880,000 compared to $206,519,000 a year ago. Comparable store sales increased 8.1% compared to a decrease of 2.3% in fiscal 2010. Operating income was $2,248,000 compared to operating loss of $27,097,000 a year ago. Net income was $2,081,000 or $0.16 per basic and diluted share compared to net loss of $22,432,000 or $1.76 per basic and diluted share a year ago. Income before income taxes was $2,265,000 compared to loss before income taxes of $27,071,000 reported a year ago. Adjusted net income was $1.2 million, or $0.09 per diluted share, excluding impairment charges, legal cost reimbursement, gain on note payable settlement, tax valuation reversal and reversal of state income tax reserves, as compared to fiscal 2010 adjusted net loss of $9.2 million or $0.72 per diluted share, excluding impairment charges, tax valuation allowance and legal fees. Capital expenditures for the year totaled $2.8 million. For the first quarter of fiscal 2012, the company currently expects comparable store sales to increase in the high-single digit range following a 7.7% comparable store sales increase in the first quarter of fiscal 2011. Net loss is expected to approximate $0.09 per share, as compared to a net loss of $0.06 per share reported in the first quarter of fiscal 2011. The company currently expects to report first half fiscal 2012 earnings per share above the $0.16 per share reported for the first half of fiscal 2011. This expectation is based on the strengthening appeal of the spring assortment. In fiscal 2012, it expects capital expenditures in the range of $6 million to $7 million and depreciation and amortization in the range of $6 million to $7 million. For the quarter, the company reported impairment charges of $719,000 compared to $10,066,000 a year ago. For fiscal 2012, the company plans to open approximately 2 new additional stores and close 17 existing locations, ending the year with approximately 264 locations.