.1 million in the comparable quarter last year. Sales and marketing expenses were $2.5 million compared to $1.8 million in the fourth quarter of fiscal year 2011. Increases included GPO fees; personnel/consulting and related meeting, travel and convention costs introducing rebranded products, as well as separation costs totaling $90,000 for terminated sales and marketing management positions. Research and development costs were $791,000 compared to $852,000 in last year's fourth quarter.
For fiscal year 2012, the Company reported total revenues of $27.2 million compared to $27.0 million in fiscal year 2011. Income from discontinued operations was $1.1 million, reflecting a gain of $816,000 attributable to the sale of the Company's New Leaf assets to Life Time Fitness, Inc. on August 28, 2012, compared to a loss of $712,000 in fiscal 2011 (see "Discontinued Operations" below). The Company reported a net loss of $1,000, or $(0.00) per fully diluted share, compared to a net loss of $152,000, or $(0.04) per diluted share in fiscal year 2011.
Gregg O. Lehman,Ph.D., president and chief executive officer of MGC Diagnostics, said, "As we enter fiscal year 2013, the former Angeion Corporation has completely transformed into MGC Diagnostics, a highly-focused global medical technology company specializing in cardio/respiratory health solutions. We have reconfigured and strengthened the executive management team and now have the appropriate skill sets to consistently grow the company. We have streamlined the sales and marketing management team to enhance efficiencies that will drive sales. We have successfully rebranded our products and corporate identity by leveraging the strength of our highly respected MedGraphics brand and we concluded the sale of our New Leaf operations to Life Time Fitness, Inc.
"From an operating standpoint, we have taken a major step in stabilizing, and bringing a level of predictability to our revenue stream by having expanded our
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