LM Ericsson Telephone Co. reported earnings results for the fourth quarter and full year ended December 31, 2011. For the quarter, the company's net sales of SEK 63.7 billion compared to SEK 62.8 billion a year ago. Operating income, excluding joint ventures was SEK 4.1 billion compared to SEK 8.4 billion a year ago. Net income was SEK 1.5 billion or SEK 0.36 per diluted share compared to SEK 4.4 billion or SEK 1.34 per diluted share a year ago. EPS (Non- IFRS) was SEK 0.55 against SEK 1.65 a year ago. Adjusted operating cash flow was SEK 6.0 billion against SEK 16.2 billion a year ago. Cash flow from operations was SEK 5.5 billion against SEK 15.2 billion a year ago. The big change compared to fourth quarter of 2010 is the net income impact, and it is related to core Ericsson earnings that were higher in the fourth quarter of 2010. For the full year, the company's net sales of SEK 226.9 billion compared to SEK 203.3 billion a year ago. Operating income, excluding joint ventures was SEK 21.7 billion compared to SEK 24.4 billion a year ago. Net income was SEK 12.6 billion or SEK 3.77 per diluted share compared to SEK 11.2 billion or SEK 3.46 per diluted share a year ago. EPS (Non- IFRS) was SEK 4.72 against SEK 4.80 a year ago. Adjusted operating cash flow was SEK 13.2 billion against SEK 29.8 billion a year ago. Cash flow from operations was SEK 10.0 billion against SEK 26.6 billion a year ago. The board of Directors reported it will propose to the annual general meeting a dividend of SEK 2.50 per share compared to previous dividend of SEK 2.25 per share, representing some SEK 8.2 to the holders on May 8, 2012.