For the fourth quarter of 2011, 60 seats was included from the net win calculation. Were these seats included in the calculations, average consolidated net win per day for this period would have been $132.
Our install base of electronic gaming machine seating operation as of December 31, 2011 was 1,477 seats down 5% from December 31, 2010. The decline was principally the result of a venue closure and machine movement within the Philippine market as part of the company’s ongoing effort to improve returns in this market.
Gaming participation revenue from Cambodia which consists primarily of our operation at NagaWorld, increased to approximately $3.3 million of the fourth quarter of 2011, up 14% from $2.9 million in the fourth quarter of 2010 reflecting strong average net win per unit as slightly higher machine count.
Average net win per unit in Cambodia was 219 for the fourth quarter of 2011, up 11% from 197 in the fourth quarter of 2010, our install base of machine seating operation in Cambodia as of December 31, 2011 was 719 seats up from 680 seats as of December 31, 2010 representing an increase of 6% from 680 seats as of December 31, 2010.
The December 31, 2011 machines count includes 60 seats at one venue doing a soft open period while the venue owners complete constructions.
This brand new house grand opening in January of 2012. In the Philippines, gaming participation revenue for the fourth quarter of 2011 was approximately 965,000 up 8% from the fourth quarter of 2010 level of 896,000.
The increase in the fourth quarter of 2011 revenue was primarily due to improved average net wins and the higher overall revenue sharing due to our October 2011 agreement to increase revenue sharing at this (inaudible).
This improvement was despite the April closure of one venue by the owner with approximately 120 EGM seats as well as deferred revenue recognition from one venue with 86 EGM seats as the collection from this revenue is not yet reasonably assured.
With regard to the venue closure last April, we have redeployed approximately one-third of these gaming machine to be used in our operation in Cambodia.
We continue to explore opportunity to deploy the remaining machines from this closed venue.
With regard to the venue for which we are recognizing revenue on a cash basis, we remain engaged in discussion with the venue owner in order to reach an amicable solutions that will allow us to resume regular recognition on accrual basis.
Average net win for the Philippines was $64 for the fourth quarter of 2011, up 10% from $58 in the fourth quarter of 2010. The increase was driven in part by our effort to strategically manage the machine placements.
Our targeted marketing initiative and extended hours at our most promising venue. Our install base machine seating operation in the Philippines was 758 seats as of December 31, 2011, a decrease of 13% from 867 seats as of December 31st 2010.
The decrease was primarily the result of the closure of the venue – of the one of the venue I mentioned about.
Our other product division namely the manufacture and sales gaming – products, and non-gaming products such as automotive component contribute approximately $3.4 million for the quarter, up 47% from $2.3 million in a year ago period triggered primarily by significant higher gaming chips and plaques sales due to higher level of customer re-order and the addition of new customers.
Cash based SG&A expenses for the fourth quarter of 2011 was 2 million, up from 1.6 million in the prior period – prior year period due to higher legal expenses related to our casino development projects, higher selling and reduced expenses as well the E&M [ph] accruals.
Adjusted EBITDA which we define as earning before interest taxes depreciation amortization and non-cash expenses was 2.6 million for the fourth quarter of 2011 which compare to $2.5 million in the fourth quarter of 2010.
Our consolidated net loss for the fourth quarter of 2011 was 1 million or $0.01 per share. This compared to a net loss for a quarter of 2010 of 2.7 million or $0.02 per share.
As Clarence mentioned, the fourth quarter of 2011 net loss include a 1.4 million non-cash impairment charge as of December 31, 2011. This was associated with our annual impairment review and result in a wipe our of certain gaming machine and system in inventory as well as the infrastructure cost related to closure of one venue in the Philippines during the 2011 fiscal year.
Excluding this non-cash charge, we quote a net profit of 346,000 for the quarter. This compared to a net loss of 2.7 million or $0.02 per share for the fourth quarter of 2010, the fourth quarter of 2010 net loss include a non-cash impairment charges of 3.2 million related to a write down of certain Dolphin intangible and success.
It also include a significant one-time tax gain of 800,000 excluding both these item we record a net loss of 322,000 for the fourth quarter of 2010.
Turning to the balance sheet, as of December 31, 2011 we have a total of $12.8 million in cash and cash equivalent. This compared to $10.2 million as of December 31, 2010, the increase in cash balance was the result of strong cash growth from gaming participation operation partially offset by Cap Expenditure for our casino development projects, gaming machine purchases, to enhance our participation business operation, and principal interest debt repayment.
We have 6.2 million in debt as of December 31, 2011. This debt is held in a form of an unsecured promissory note issued to a largest shareholder ETT Entertainment Holding Limited, a wholly owned subsidiary of Nelco International. According to the terms of the notes, we began making principal interest payments in July 2011. Monthly payments are approximately $530,000 and will continue through December 2012 at which time the notes will be repaid in full.
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