The company’s actual results could differ materially from those discussed on this phone call. Some of these risks and uncertainties are described in today’s news announcement and in the company’s filings with the Securities and Exchange Commission including the company’s reports on forms 8-K, 10-K and 10-Q.
Entertainment Gaming assumes no obligation to publicly update or revise any forward-looking statements.
Now, the agenda for today’s call will be as follows; first, Clarence will discuss the highlights of our 2011 fiscal year financial performance and corporate developments. Following that, Andy will review in more detail our financial results for the fourth quarter.
Clarence will then conclude our prepared remarks with an update on our growth plans for our gaming operations. We would then be very pleased to take your questions. With that, let me turn the call over to Clarence Chung. Clarence?Clarence ChungThank you Traci, and good morning everyone. I’m pleased to report that 2011 was the most strong year for Entertainment Gaming Asia. It was not only a year of record-breaking financial performance, but also marked out third consecutive year of strong earnings growth since this new management team began implementing restructuring efforts in the fourth quarter of 2008.We have come along way in the last three years. Our restructuring in East Asia has resulted in a more refined business model and substantially improve our operating efficient and financial profitability.This is clearly evident in our financial performance. In the last three years, we have increased gaming revenue at a compound annual growth rate of 72% driven by consistent strong improvement in consolidated annual average net wins which reached 140 for the 2011 fiscal year.Loan [ph] adjusted EBITDA from just 140,000 in 2009 to $11.7 million in 2011. And dramatically improved out bottom line having attained net profitability for the first time ever in the company’s history in 2011, compared to a net loss of $27 million in 2008.
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