Consolidated revenues for the fourth quarter and year ended December 31, 2012 were $67.6 million and $210.2 million, an increase of 82% and 49% over the same periods last year. The increase is mostly attributable to the consolidation of Litha's revenues of $27.1 million for the quarter and $56.3 million for the second half of the year.
Adjusted(2) EBITDA(1) for the year increased 17% to a record $79.0 million compared to $67.7 million in 2011. Adjusted(2) EBITDA(1) for the fourth quarter of 2012 increased 63% to $22.8 million compared to EBITDA of $14.0 million in the fourth quarter 2011. The increase in adjusted(2) EBITDA(1) for Paladin was driven by the strong sales performance of our promoted products, partially offset by increased costs associated with the launch of new products, including Abstral® and Oralair®. Litha contributed adjusted(2) EBITDA(1) of $1.0 million for the quarter and $2.5 million for the second half of the year. Litha's adjusted(2) EBITDA(1) includes certain integration and acquisition costs related to Pharmaplan as well as the impact of the decline in the South African Rand. In addition, adjusted(2) EBITDA(1) from Litha was negatively impacted by fair value adjustments from the Paladin/Pharmaplan acquisition.
Consolidated EBITDA(1) for 2012 increased 21% to a record $82.0 million compared to $67.7 million in 2011. Consolidated EBITDA(1) for the fourth quarter of 2012 increased 71% to $24.0 million compared to EBITDA of $14.0 million in the fourth quarter 2011. The consolidation of Litha contributed $2.2 million for the quarter and $5.5 million for the second half of the year in consolidated EBITDA(1).
Net income attributable to shareholders of the company for the fourth quarter decreased 19% to $12.8 million or $0.61 per fully diluted share compared to net income of $15.8 million or $0.76 per fully diluted share for the same period in 2011. Net income attributable to shareholders for the year ended December 31, 2012 increased $9.7 million or 19% to $59.9 million from $50.2 million.
Consolidated selling, general and administrative expense for 2012 increased to $49 million compared to $32.0 million in 2011. Selling, general and administrative expense, as a percentage of revenues, remained steady at 23% for 2012. Selling, general and administrative expense for the fourth quarter of 2012 increased to $15.5 million compared to $9.0 million in the fourth quarter of 2011. Selling general and administrative expense, as percentage of revenues, decreased to 23% compared to 24% for the same quarter last year. The increase in selling, general and administrative expenses is attributable to Litha which contributed $8.7 million for the quarter and $18.3 million for the second half of the year.
Amortization expense for 2012 decreased to $16.1 million from $22.0 million in 2011. Amortization expense for the fourth quarter 2012 decreased to $5.6 million from $6.2 million in the corresponding period a year ago. The decrease in amortization expense is the result of certain pharmaceutical product licenses and rights having reached full amortization during the year, partly offset by amortization related to the acquisition of intangible assets, mostly for acquisitions of Litha and Labopharm.
As at December 31 2012, Paladin's cash, cash equivalents and investments in marketable securities net of bank overdraft totalled a record $258.0 million. From this strong cash position, Paladin continues to pursue acquisition opportunities.
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