EBITDA, adjusted to exclude investment activity and stock based compensation expense (Adjusted EBITDA), was $2.5 million in the fourth quarter of 2010 compared to $7.9 million in the fourth quarter of 2009. This decrease was primarily due to lower gross profit margin, partially offset by an increase in railcar shipments and a decrease in selling, administrative and other costs, exclusive of stock based compensation expense. The Company's gross profit margin decline is primarily attributable to competitive pricing. The decrease in selling, administrative and other costs, exclusive of stock based compensation expense, was primarily attributable to decreased incentive compensation and outside services. A reconciliation of the Company's net loss to EBITDA and Adjusted EBITDA (both non-GAAP financial measures) is set forth in the supplemental disclosure attached to this press release.
The Company's net loss for the fourth quarter of 2010 was affected by the factors discussed above, an increase in stock based compensation expense driven by the increases in the price of the Company's stock, an increase in net interest expense, a decrease in other income due to the sale of corporate bonds in 2009 and a change to income tax benefit in 2010 from income tax expense in 2009.
For the year ended December 31, 2010, revenues were $273.6 million and net losses were $27.0 million or $1.27 per share. In comparison, for the year ended December 31, 2009, revenues were $423.4 million and net earnings were $15.5 million or $0.73 per share. Net earnings for the year ended December 31, 2009 included a pre-tax gain on the sale of corporate bonds of $23.9 million. Revenues were lower in the year ended December 31, 2010 when compared to the same period of 2009 primarily due to a decrease in railcar shipments and an overall decrease in average selling prices due to competitive pricing and a change in product mix. These decreases were partially offset by increased railcar repair volumes. During the year ended December 31, 2010, the Company shipped approximately 2,090 new railcars as compared to approximately 3,690 new railcars in the same period of 2009.
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