evenues improved on both a quarterly and full-year basis because of increased penetration of PokerPro in our target markets and growth in tablecount.
Gross profit increased 70% to US $1.1 million for the 2010 quarter from US$0.7 million for the fourth quarter of 2009. Gross profit for the year ended December 31, 2010 was US$3.9 million as compared to US$2.4 million for 2009.
Gross profit margins increased to70% for the quarter and 66% for the full year as compared to 48% and 44% for the prior-year periods. The improvements are attributable to increased tablecount, improved asset utilization and lower depreciation and amortization.
Operating expenses were US$1.6 million for the fourth quarter of 2010 compared to US$1.4 million for the prior-year period. Operating expenses were US$6.5 million for the year ended December 31, 2010 compared to US$7.3 million for 2009.
Operating expenses have been relatively stable throughout 2010, following significant cost reduction activities in 2009.
Net loss from continuing operations improved 42% to US$0.5 million ($0.03 per share) from US$0.8 million (US$0.06 per share) for the quarter and 46% to US$2.8 million (US$0.19 per share) from US$5.2 million (US$0.44 per share) on a full-year basis. Including the results of discontinued operations, quarterly net loss improved 4 9% to $0.5 million (US$0.03 per share) from US$0.9 million ($0.07 per share) and full-year net loss improved 29% to US$4.0 million (US$0.27 per share) compared to US$5.7 million ($0.47 per share).
EBITDAS, a non-GAAP financial measure, improved to a profit of $43 thousand for the 2010 fourth quarter, compared to a loss of $111 thousand in the prior-year period. EBITDAS for the year ended December 31, 2010 was a loss of $103 thousand compared to a loss of $1.7 million for 2009.
Mark Roberson, CEO and CFO of the company, commented, "I am pleased to report that our quarterly operating results continued to improve with revenue growth and margin expansion driving positive EBITDAS and a 50% improvement in our per share results from continuing operations. Our business fundamentals have responded favorably to the focused marketing strategies and cost reduction efforts we previously implemented.
"The focus of our 2011 strategic plan is driving revenue growth, both by expanding PokerPro and by launching Blackjack ProTM as our first house-banked game. Our decision to begin the product diversification initiative with blackjack came as a direct result of customer requests for a product built with the same reliability, intuitive game play and efficient design that made PokerPro the industry's dominant electronic poker table. Our first Blackjack Pro games were installed this month, and we expect this new product to become a more significant component of our future revenue and margin growth,” he added.