Baltika AS reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2011. For the quarter, the company reported revenue of EUR 15,485,000 compared to EUR 15,084,000 a year ago. Operating loss was EUR 1,524,000 compared to EUR 461,000 a year ago. Loss before income tax was EUR 1,836,000 compared to EUR 947,000 a year ago. Loss attributable to equity holders of the company was EUR 1,883,000 or EUR 0.05 per basic and diluted share compared to EUR 1,279,000 or EUR 0.05 per basic and diluted share a year ago. Net cash from operating activities was EUR 718,000 against EUR 907,000 a year ago. Acquisition of property, plant and equipment, intangibles was EUR 18,000 against EUR 182,000 a year ago. For the year, the company reported revenue of EUR 53,409,000 compared to EUR 52,207,000 a year ago. Operating loss was EUR 4,450,000 compared to EUR 4,719,000 a year ago. Loss before income tax was EUR 5,791,000 compared to EUR 5,925,000 a year ago. Loss attributable to equity holders of the company was EUR 5,863,000 or EUR 0.19 per basic and diluted share compared to EUR 6,344,000 or EUR 0.27 per basic and diluted share a year ago. Net cash used in operating activities EUR 1,313,000 compared to EUR 5,000,000 a year ago. Acquisition of property, plant and equipment, intangibles were EUR 142,000 compared to EUR 402,000 a year ago. The company target for the full year of 2012 is 5% sales growth, sales efficiency growth of 10% and positive EBITDA of EUR 3 million.