QKL Stores Inc. announced consolidated earnings results for the fourth quarter and year ended December 31, 2011. For the quarter, the company's revenue increased 20.9% to $103.7 million from $85.8 million in the fourth quarter of 2010. Revenue performance reflected the growth of 35 comparable stores, which are stores that have been open for at least one year before the beginning of the comparison period, or by October 1, 2010, as well as sales from the opening of 19 new stores since October 1, 2010. Net loss was approximately $18.3 million, or $0.60 per diluted share, compared with net income of $2.4 million, or $0.06 per diluted share, for the same period in 2010. Excluding the non cash impairment charge on goodwill, operating income was $1.4 million, from $2.8 million, or 3.2% of total sales, in the fourth quarter of 2010. Excluding the non cash impairment charge on goodwill and changes in the fair value of warrants, adjusted net income for the quarter was $0.9 million, or $0.03 per diluted share, compared to $2.4 million, or $0.06 per diluted share, in the period prior year. For the year, the company's net sales increased by $72.1 million, or 24.2%, to $370.5 million for fiscal 2011 from $298.4 million for fiscal 2010. Net loss in the year was $16.6 million or $0.54 per diluted share compared with net income of $17.4 million or $0.24 per diluted share in fiscal 2010. Loss from operations was $15.7 million compared with income from operations of $12.4 million a year ago. Loss before income tax was $15.13 million compared with income before income tax of $20.8 million a year ago. Net cash provided by operating activities was $3.34 million compared with net cash used in operating activities of $9.1 million a year ago. Purchases of property, plant and equipment was $23.6 million compared with $8.6 million a year ago. Excluding the impairment of goodwill and changes in the fair value of warrants, adjusted net income for fiscal the year decreased 72.7% to $2.6 million, or $0.07 per diluted share, from $9.6 million, or $0.24 per diluted share for fiscal 2010. The company expects to open five new supermarket or hypermarket stores in 2012.