Operating expenses decreased 18.4% to $1.1 million in the fourth quarter of 2012 from $1.3 million in the same period in 2011. Operating expenses decreased 26.5% to $4.5 million in 2012 from $6.1 million in 2011. We implemented cost reduction initiatives which have streamlined our overhead and reduced spending on personnel, regulatory approvals, and professional fees in both the quarterly and full year periods.
Net loss from continuing operations improved 56.9% to $0.2 million ($0.02 per share) in the fourth quarter of 2012 from $0.4 million ($0.06 per share) in the same period in 2011. Net loss from continuing operations improved 48.4% to $0.8 million ($0.11 per share) in 2012 from $1.6 million ($0.24 per share) in 2011. The improvement in net loss from continuing operations resulted primarily from reductions in operating expenses.
Including the results of discontinued operations, net loss improved 69.0% to $0.2 million ($0.02 per share) for the fourth quarter of 2012 from $0.6 million ($0.08 per share) in the same period in 2011. Net loss improved 56.1% to $0.8 million ($0.10 per share) in 2012 from $1.8 million ($0.27 per share) in 2011.
EBITDAS, a non-GAAP financial measure (described below), was positive $133 thousand for the fourth quarter of 2012, compared to a negative EBITDAS of $45 thousand for the fourth quarter of 2011. EBTIDAS was positive $423 thousand in 2012 compared to positive $456 thousand in 2011 on an annual basis.
Balance Sheet and Cash Flow Information
The Company's cash used in continuing operations was $0.8 million for 2012 compared to $0.9 million for 2011.
As of December 31, 2012, the Company's cash balance was $0.2 million and total debt was $0.3 million. During 2012, total debt was reduced by $0.4 million, or 57%.
Subsequent to the end of year, the Company completed a $0.5 million private placement transaction to provide additional working capital to execute the Company's growth plans in 2013. The Company also renewed its line of credit with Silicon Valley Bank on March 1, 2013.
Gaming Positions Information
Gaming positions deployed worldwide totaled 2,310 of December 31, 2012 comprised of 2,160 PokerPro® and 150 ProCore gaming positions. As of December 31, 2011, 2,028 gaming positions were deployed comprised of 1,944 PokerPro and 84 ProCore gaming positions.
During 2012, total gaming positions increased in North America and Mexico and decreased in other international markets. During the fourth quarter, the Company removed underperforming leased gaming positions, primarily from Eastern Europe, and also repurchased certain gaming positions which had previously been sold. These activities increase the Company's available inventory and the Company expects to redeploy those positions in other regions during 2013 to meet anticipated demand and to increase recurring revenue.
Annual Business Outlook
The Company plans to enter several new markets, expand penetration in existing markets and obtain additional regulatory approvals for its products during 2013. Those plans specifically include increasing penetration in the United States, Canada and Mexico, while entering several new markets in South America and Asia with PokerPro, Blackjack Pro and EZ Baccarat.
By executing those plans, the Company expects to build on the momentum from the second half of 2012, increase recurring revenue while maintaining gross margins in the high 60% to low 70% range and controlling expense growth to leverage its operations. As a result, the Company expects its financial results to continue to improve in 2013.
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