Malaga Inc. announced earnings results for the full year ended December 31, 2011. For the year, the company reported sales of $20.877 million against $14.184 million a year ago. EBITDA was $6.086 million against $2.400 million a year ago. Adjusted net income was $2.953 million against adjusted net loss of $1.609 million a year ago. Net income was $5.6 million compared to $1.2 million in 2010. This performance resulted from an average reference selling price increase per metric tone unit (MTU) of $184 (77%), from $240 in 2010 to $424 in 2011. Earnings per basic and diluted share were $0.03 against $0.01 a year ago. Income from mining activities was $7.8 million compared to $1.7 million in 2010. Cash flow from operations before changes in non-cash working capital items was $5.9 million, an increase of $4.6 million over 2010. The investment in development and acquisition of property, plant and equipment was $7.1 million in 2011 against $3.4 million in 2010, of which $4.2 million was used to build a new tailings pond and $1.8 million was used for underground development. The company announced that annual production is expected at 60,000 to 65,000 MTUs for the year 2012. The company plans to continue the program in 2012 with the objective of reaching the full mill production capacity of 500 tones per day (tpd) in 2013.