Pollard Banknote Limited reported unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2011. During the three months ended December 31, 2011, the company achieved sales of $44.6 million, compared to $37.3 million in the three months ended December 31, 2010. Adjusted EBITDA was $5.2 million in the fourth quarter of 2011 compared to $4.1 million in the fourth quarter of 2010. The primary reasons for the increase in adjusted EBITDA were higher gross profit and a reduction in realized foreign exchange loss, partially offset by an increase in selling expenses. Net income was $1.7 million in the fourth quarter of 2011 compared to net loss of $0.7 million in the fourth quarter of 2010. The primary reasons for the increase were an increase in gross profit, a decrease in foreign exchange loss, a decrease in income taxes and a decrease in other expense (decrease in restructuring costs of $1.2 million, partially offset by the pension settlement costs incurred in fiscal 2011 of $0.7 million). Earnings per share increased to $0.07 per share in the fourth quarter of 2011 from a loss of $0.03 per share in the fourth quarter of 2010. Income from operations was $2.6 million against $1.1 million a year ago. Income before income taxes was $1.5 million against loss before income taxes of $0.5 million a year ago. During the year ended December 31, 2011, the company achieved sales of $172.0 million, compared to $163.4 million in the year ended December 31, 2010. Factors impacting the $8.6 million sales increase were changes in foreign exchange rates, increased instant ticket volumes, slight decrease in average selling price, and an increase in the volume of machine sales. Adjusted EBITDA was $22.6 million in fiscal 2011 compared to $18.2 million in fiscal 2010. The primary reasons for the increase in adjusted EBITDA were higher gross profit, higher realized foreign exchange gains (relating to the repayment of U.S. dollar dominated debt) and a reduction in administration expenses, partially offset by a decrease in the gain on sales of property, plant and equipment. Adjusted EBITDA excluding the gain on sales of property plant and equipment was $21.1 million in fiscal 2011 compared to $16.2 million in fiscal 2010. Net income was $3.1 million in fiscal 2011 compared to net income of $1.8 million in fiscal 2010. The primary reasons for the increase were an increase in gross profit, a decrease in administration expenses, a decrease in interest expense, and a reduction in other expense, partially offset by an increase in foreign exchange loss, a reduction in the non-cash mark-to-market gain on interest rate swap contracts and an increase in income taxes. Earnings per share increased to $0.13 per share in fiscal 2011 from $0.08 in fiscal 2010. Income from operations was $10.4 million against $8.2 million a year ago. Income before income taxes was $4.8 million against $3.7 million a year ago. The company's volume growth has been fueled by new contracts obtained during the year in addition to increased sales with existing clients and the company is confident that this level of sales will continue during 2012. The company believes that continued improved results will be achieved during 2012. The company anticipates levels of capital expenditures to be slightly higher than the amounts expended during the last two years as the company add incremental capacity in order to support increased volumes sold in 2011. The company continues to be focused on improving the strength of balance sheet through utilizing free cash flow to pay down debt, allowing increased flexibility for future investment in business opportunities and expansion capital expenditures. The company believes that its credit facilities and ongoing cash flow from operations will be sufficient to allow it to meet ongoing requirements for investment in capital expenditures, working capital and dividends at existing business levels.