Great American Group Inc., a valuation and appraisal services firm in Woodland Hills, returned to profitability last year, reversing an $11 million loss from 2010. The company reported a profit of $602,000 on a 50 percent increase in revenue. Revenues for the year ended Dec. 31, 2011 were $63.5 million compared with $42.1 million for the full year 2010. Operating income was $7.4 million, up from an operating loss of $11.4 million a year ago. For the fourth quarter, the company reported $11.4 million in revenue, a 3.3 percent increase from the same quarter of 2010. The company said the increase came primarily from the sale of goods in the company’s auction and liquidation segment, and in particular the company’s participation in the liquidation of Borders Group in the U.S. and that of T.J. Hughes Limited in Europe. CEO Andrew Gumaer said ongoing cost reductions had a significant impact on results. The company said direct cost of services declined to $3.8 million in the quarter compared with $4.5 million in the prior year’s period. General and administrative expenses fell to $6.1 million from $6.8 million in the year ago quarter. Judy Temes