I have made money a couple of times but the vast majority of those times it was a loser. Unless you know someone on the inside then it's very tough to catch the pop. I dabbled in the pennies for about a year right when I first started investing and have not came back since then (With the exception of a $500 transaction once or twice). All told, I probably lost a total of nearly $10,000.
It's damn near impossible to make money on the pennies unless you have connections, at least thats how I look at it.