Stephen P. Herbert, president and chief operating officer of USA Technologies, added, "We are in the midst of an impressive and continued increase in the rate of adoption of cashless payments solutions for vending and similar small-ticket retail markets, driven by both customer and consumer demand. We are working hard to capitalize on the confluence of events that is driving strong industry demand by continuing to improve our service, increasing our network capabilities, expanding our distribution system and offering an independent telemetry solution. We believe these activities, in addition to our already unique turn-key solution, enable us to not only maintain, but strengthen our position as the industry's leading provider of cashless payments and M2M telemetry services to the small-ticket retail markets that we serve."
For the fourth quarter of fiscal 2011, total revenue increased approximately 54 percent to $6.9 million, compared to $4.5 million in the fourth quarter of the prior year, while revenue from recurring license and transaction fees increased approximately 72 t percent o $5.0 million compared to $2.9 million in the same quarter last year. Gross profit for the quarter was $2.4 million up approximately 60 percent from $1.5 million a quarter a year ago. Net loss for the quarter was $1.9 million (including approximately $1.8 million of non-cash charges), reduced from the net loss of $2.1 million (including approximately $0.5 million of non-cash charges) a year ago. The net loss in the fourth quarter of 2011 includes a $582,000 non-cash asset impairment charge. Adjusted EBITDA loss for the fourth quarter fiscal year 2011 improved to a loss of $0.4 million compared to $1.6 million for the fourth quarter of fiscal year 2010, an improvement of $1.2 million or approximately 75 percent. A reconciliation of net loss to Adjusted EBITDA loss is presented below.
In the fourth quarter of fiscal 2011, the ePort Connect Network processed 22.5 million transactions and $37.4 million in volume, increases of 92 percent and 80 percent, respectively, from the fourth quarter of fiscal 2010.
The momentum in new customer growth continued into the first few months of the company's fiscal 2012, with approximately 150 new ePort customers added during July and August, increasing total ePort customers to approximately 2,075 as of Aug. 31, 2011. In addition, as previously disclosed, transactions and volume processed in the first two months exceeded comparable period year ago performance by 81 percent and 71 percent, respectively, a reflection of both additional connections and increased average connection usage.