Ant xml example(flexunit-with-code-coverage) for FLEX/AS3 code unit test with code coverage reporting.

flexunit-with-code-coverage

<?xml version="1.0" encoding="UTF-8"?>
<project name="flexunit-with-code-coverage" default="test" basedir=".">

    <!-- =========================================================================================================================================
=============================================================  PROPERTY DEFINITIONS  =============================================================
========================================================================================================================================== -->

    <property environment="env" />
    <property name="FLEX_HOME" value="C:\Software\FLEX\sdks\4.6.0" />
	<property name="output.loc" value="${basedir}/target" />
    <property name="src.dir" value="${basedir}/src" />
    <property name="lib.dir" value="${basedir}/libs" />
    <property name="build.dir" value="${lib.dir}/build" />
    <property name="report.dir" value="${output.loc}/codecoverage" />

    <path id="buildtools.classpath">
        <fileset dir="${build.dir}" includes="*.jar" />
    </path>


    <!-- =========================================================================================================================================
===============================================================  TASK DEFINITIONS  ===============================================================
========================================================================================================================================== -->

    <taskdef name="mxmlc" classname="flex.ant.MxmlcTask" classpathref="buildtools.classpath" />

    <taskdef name="compc"
        classname="flex.ant.CompcTask"
        classpathref="buildtools.classpath"/>

    <taskdef resource="flexUnitTasks.tasks">
        <classpath>
            <fileset dir="${lib.dir}/test">
                <include name="flexUnitTasks*.jar" />
            </fileset>
        </classpath>
    </taskdef>

    <!-- =========================================================================================================================================
==========================================================  INITIALIZATION TARGETS  ==========================================================
========================================================================================================================================== -->

    <target name="clean">
        <delete dir="${build.dir}" />
    </target>


    <target name="init" >
        <mkdir dir="${build.dir}" />
    </target>

<!-- =========================================================================================================================================
===========================================================  SWC TARGETS  ==========================================================
========================================================================================================================================== -->

    <target name="build-swf" depends="init">
        <mxmlc file="${src.dir}/swf/org/included/ExampleApp.mxml" output="${build.dir}/ExampleApp.swf"
              strict="true" debug="true" compiler.debug="true" incremental="false"
              maxmemory="1024m" optimize="true" fork="true" static-link-runtime-shared-libraries="true">
            <default-frame-rate>24</default-frame-rate>
            <source-path path-element="src/swf" />
            <show-unused-type-selector-warnings>false</show-unused-type-selector-warnings>
        </mxmlc>
    </target>

    <target name="build-test-swf" depends="build-swf">
        <mxmlc file="src/test_swf/TestRunner.mxml" output="${build.dir}/TestRunner.swf" strict="true" debug="true" incremental="true"
                      maxmemory="1024m" optimize="true" fork="true" static-link-runtime-shared-libraries="true">
            <default-frame-rate>24</default-frame-rate>
            <source-path path-element="src/swf" />
            <source-path path-element="src/test_swf" />
            <show-unused-type-selector-warnings>false</show-unused-type-selector-warnings>
            <include-libraries dir="${lib.dir}/test">
                <include name="flexunit-uilistener-4.1.0-3JG-4.6.0.23201.swc" />
                <include name="flexunit-4.1.0-3JG-flex_4.6.0.23201.swc" />
                <include name="flexunit-cilistener-4.1.0-3JG-4.6.0.23201.swc" />
            </include-libraries>
        </mxmlc>
    </target>

    <target name="test" depends="build-test-swf">
        <mkdir dir="${report.dir}" />
        <flexunit
            workingDir="${build.dir}"
            toDir="${report.dir}"
            swf="${build.dir}/TestRunner.swf"
            haltonfailure="false"
            verbose="true"
            localTrusted="true"
        	timeout="400000"
        	headless="false"
        	debug="true"
            port="1024">
            <coverageSource>${src.dir}/swf/</coverageSource>
            <coverageExclude>org.excluded</coverageExclude>
       </flexunit>

        <!-- Generate readable JUnit-style reports -->
        <junitreport todir="${report.dir}">
            <fileset dir="${report.dir}">
                <include name="TEST-*.xml" />
            </fileset>
            <report format="frames" todir="${report.dir}/html" />
        </junitreport>
    </target>

</project>

Reference: http://www.copperykeenclaws.com/how-to-set-up-a-flex-unit-test-with-ant-and-hudson/
Notice:
1025 port has taken by the "wininit.exe" at Windows7 platform;
Download the "Projector" version of flash player , it needs to be associated with the running of swf files.