Performance issues in iOS app- Animations run really slow (CS5.5/AS3)

I have created an app in CS5.5 for Android and iOS. I have tested on two Android devices and everyingthing works fine. However, on an iPad and iPhone the animations are really slow. Here are some more facts:

1) My project has many scenes and in the problems scene there are upwards of 1,200 frames. But even simple animations run slowly.

2) The frame rate is set for 24 fps.

3) I have created a universal app (iphone and ipad), publish resolution is standard at full screen.

4) Ironically, I have already tried caching as bitmap. That actually slowed my animations even more.

I am truly at the end of the line here and don't have any possible solutions.

I could use some help here. Any possible solutions would help.