CTPartners reported earnings results for the fourth quarter and full year ended December 31, 2011. For the three-month period ended December 31, 2011, net revenue decreased 1.8% to $27.2 million compared to $27.7 million in the fourth quarter of 2010. The decrease in Asia Pacific and EMEA were partially offset by the increase in North America. The Financial Services Practice contributed to most of the decrease in both regions. Operating loss was $6,752,259, net loss was $4,583,782, adjusted net loss was $3,366,550 against operating loss of $4,284,876, net loss of $4,986,183 a year ago. For the twelve-month period ended December 31, 2011, net revenue increased 6.5% to $121.1 million compared to $113.7 million in 2010. An increase in North America and EMEA offset a slowdown in Asia Pacific, which was primarily reflective of the Financial Services sector. Operating income decreased $7.4 million, to a loss of $4.6 million in 2011 from an operating profit of $2.8 million in 2010. The decrease primarily reflects an increase in compensation and benefits and general administrative costs offset by an increase in net revenue. Income Before Taxes and Income Tax Expense. In 2011, the company reported a loss before taxes of $4.6 million and recorded an income tax benefit of $1.4 million, as compared to income before taxes of $2.4 million and income tax expense of $638,000 in 2010. The increase in income tax benefit of $1.8 million was primarily due to a $1.4 million increase in current tax benefit and a $400,000 increase in deferred tax benefit. Operating loss was $4,642,749, net loss was $3,234,562, adjusted net loss was $1,869,510 against operating income of $2,756,403, net income of $1,811,328 a year ago. While reporting a loss for 2011, guidance for 2012 is revenue of $125 million - $140 million and an operating margin of 4-6%.