Second, our gross margin continued to expand during 2010, averaging 47%, which represents a 19 percentage point improvement from 2009. Thirdly, our non-GAAP EBIDTA loss for 2010 of $6.3 million was an improvement of $2 million from the previous year demonstrating our continued efforts to achieve profitability.
And lastly, with the recent capital raise, we ended the year with over $7 million of cash. Our cash position coupled with the access to a $2.5 million credit line from Silicon Valley Bank and zero debt provides a very strong balance sheet and available capital entering 2011.
I will now turn the call over to Darin for more in-depth review of our financials for the fourth quarter and full year of 2010, followed by Terri Sayler’s update on sales and marketing. Afterwards, I’ll add some additional thoughts prior to opening up the call for Q&A.
Darin McAreaveyThank you, Scott, and good afternoon, everyone. We reported revenue of $2.9 million for the fourth quarter of fiscal 2010, an 89% increase from $1.5 million then last year’s fourth quarter. As of December 31, 2010, we received purchase orders totaling approximately $1.1 million that have not recognized this revenue. The increase in our year-over-year revenue continued to be generated primarily from the success of Chrysler’s iShowroom Branded Tower initiative.In November 2010, we received an order for approximately $1 million from Chrysler to outfit an additional 100 dealers with Chrysler’s retail Branded Tower program featuring the iShowroom application. This brings the total number of orders we have received from Chrysler to-date to $2.2 million for 200 dealers displaying 800 branded towers.Read the rest of this transcript for free on seekingalpha.com
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