sit-n-gos -- can you make money?

[pittsburgh_kid]

I've been playing sit-n-gos, trying to get more tournament experience, and also practice against smaller fields.
Given that the buy-in for a $20 SNG is $22, and the payout is $100, for a $78 profit --- does anyone primarily play SNGs and make consistent money?
I've been doing pretty well; at the $10 buy-in, I was making the money more than 25% of the time, and mostly coming in first place. Am just trying the $20 buy-ins, but so far, have played 4, and taken first in two of them (didn't hit the money in the other two).

If my win rate is 25%, then I pay $88 to win $100, for a net of $12 (and a time consumption of at least a couple of hours).

Has anyone been able to achieve a higher than 25% win rate playing SNGs?