Steps to reproduce: 1) New > FDT Project 2) Choose Web > AS3 template, no HTML wrapper or Unit Testing 3) Choose Next, use Flex 4.6.0 SDK and Player Version 11.1 4) Right click Main.as, Debug as > FDT SWF Application 5) Error Dialog will come up saying "Can't Compile", clicking details will reveal the following: An internal error occurred during: "Compile". java.lang.NullPointerException SDK Library: playerglobal.swc textLayout.swc osmf.swc authoringsupport.swc core.swc Compiler Arguments: -static-link-runtime-shared-libraries=true -target-player={playerVersion} -library-path+="{flexSDK}/frameworks/locale/en_US" -default-size=550,400 Checked compile options: -auto add main class to arguments -auto add project classpaths to arguments -auto add project swcs to arguments Error Dialog: http://cl.ly/0v1C1S0A3A1o2D1b2M3m