Spine Pain Management, Inc. reported financial results for the fourth quarter and full year ended December 31, 2011. For the quarter, the company's net revenue was up 60% to $1,349,162 from $843,841 in 2010. Net income showed a small loss of $13,163 or $0.00 per share vs. net income of $208,304 or $0.01 a share a year ago. Adding back charges of approximately $180,000 in temporary factoring expense and $78,000 in legal expenses relating to the lawsuits result in net income of $244,837 or $0.01 per share, an increase of 18% over a year ago. For the full year, the company's net revenue was $5,212,165, an increase of 53% over 2010 net revenue of $3,389,581. Net income was $1,315,004 or $0.08 per share, up 20% over 2010 net income of $1,101,550 or $0.06 per share. While the company's year over year net revenue increased by 53% for 2011, the increase in net income was less pronounced. Net income for 2011 was significantly affected by certain expenses, including approximately $227,000 in temporary factoring expense (the company is no longer factoring) and $393,000 in legal expenses attributable to the defense of lawsuits brought against the company before the implementation of the current business model. Had these charges not been incurred, net income would have been approximately $1,935,000 or $0.11 per share for 2011, an increase of 76% over the prior year. The company had gross revenues of $10,594,259 for the year ended December 31, 2011, versus gross revenues of $6,528,194 for the year ended December 31, 2010. For the year 2012, the company will achieve earnings in line with previous guidance of $0.30 to $0.35 excluding a potential new financing which the company believes would be accretive. At this juncture to be prudent, the company is planning for the low end of the guidance range, with earnings weighted toward the second half of the year.