Now, for the agenda for todays call. First, Clarence will discuss the highlight of our 2010 fiscal year financial performance and corporate developments. Following that, Andy will review in more detail our financial results for both the fourth quarter and fiscal year. Clarence will then conclude our prepared remarks with an update on our growth plans and -- for our gaming operations. We will then be pleased to take your questions.With that, please let me turn the call over to Clarence Chung. Clarence? Clarence Chung Thank you, Traci, and good morning, everyone. 2010 was a transformational year for the company -- strong financial performance and significant corporate achievements that have positioned us to execute on our growth strategy of developing and operating regional casinos in the emerging and dynamic market of Indo-China. I would like to take this opportunity to highlight some of our key achievement during the 2010 fiscal year. We post strong improvement in our core participation operations. For the 2010 fiscal year we achieved $14.3 million more than doubled the 2009 level. This impressive growth was driven by both strong improvement in average net win per unit per day and an increase in installed machine. Consolidated average net wins per unit per day was $117 for the fiscal year, up a 31% from the prior year. This improvement was achieved on a 19% increase in installed machine base as we ended the year with nearly 1,550 seats in operation, a primarily contributor to the strong performance was our operation at NagaWorld. During 2010, we planned our gaming operations at NagaWorld to 670 gaming machine seats and maintained average daily net win per unit at these venues of approximately $200 for the year. This has provided us strong revenue and cash flows, and enabled us to [recoup] in August 2010 all commitment seats previously paid to NagaWorld.
After dramatic cost reduction in 2009, we reduced cash SG&A expenses an additional 23% during 2010 and this so, while improving our operating efficiency. With the strong improvement in whole gaming revenues in our aggressive costs reduction, we achieved dramatic growth in adjusted EBITDA, which we defined as earnings before interest, taxes, depreciation, amortization and non-cash expenses. Adjusted EBITDA was $8.2 million for the 2010 fiscal year, up from $33,000 in the prior year.During the third quarter of 2010, we successfully negotiated a favorable tax structure with the Cambodian government for the 2010 year. Under which we paid only a fixed obligation tax to the Cambodian government instead of paying income tax rate on the profit of our Cambodian operations. We currently finalizing a tax arrangement similarly structured for this 2011 year. Improvement in cash flows from operations resulted in us more than doubling our cash on hand. With cash and cash equivalents reaching $10.2 million as of December 31, 2010, compared to $4.2 million as of December 31, 2009. We’re continues to build on our cash position from cash flows from operation so far in 2011, with cash and cash equivalents reaching approximately $12 million as of February 28, 2011. We also streamlined our balance sheet through an elective quasi-reorganization effective December 31, 2010. Utilizing this fresh start account method, we have eliminated our cumulative deficit in retained earnings against additional paid-in capital. Importantly, the quasi-reorganization adjustments had no effect on our cash flow and the resulted in a streamline balance sheet, which will further reflect the progress of our business operation. With the improvement and accomplishment, Entertainment Gaming Asia enters 2011 a transformed company focused on the future. With that, let me turn the call over to Andy to review the financial results in more detail. Andy? Andy Tsui Thank you, Clarence, and good morning, everyone. Total revenue for the fourth quarter of 2010 was $6.1 million, up 35% compared to $4.5 million in the fourth quarter of 2009. Revenue growth was primarily driven by our gaming participation operations, as well as improvement in our non-gaming Dolphin operations, fully offset by decline in a gaming chip sale. Read the rest of this transcript for free on seekingalpha.com