Innovative Composites International Inc. reported financial results for the full year ended September 30, 2012. For the year, the company reported revenue of $3,012,000 for fiscal 2012 compared to $487,000, for fiscal 2011. The revenue for the year was generated primarily as a result of the Eleison acquisition and the company is working to generate additional revenue through its initiatives in the housing, shelters and containers, industrial applications, and fire retardant market segments.

The company recorded a net loss for fiscal 2012 of $9.9 million or $0.12 per share, compared to a net loss of $9.4 million, or $0.17 per share, for fiscal 2011. Cash flow used in operating activities for fiscal 2012 were $6.9 million compared to $4.1 million for fiscal 2011. The increase is primarily due to the previously referenced increase in operating expenses.