For the three months ended December 31, 2009, the Company had income from operations of $5.2 million compared to a loss from operations of $8.4 million for the same period last year. For the year ended December 31, 2009, the Company's loss from operations was $11.7 million compared to $17.6 million for the same period last year. The reduction in loss from operations in 2009 was primarily the result of an increase in gross profit due to a release of a $5.1 million reserve related to a supplier dispute and a decline in selling, general and administrative expenses from the prior year. Expenses decreased due to the impact of the cost reductions plans, lower warehousing costs and the one time $8.2 million impairment charge in 2008 related to the Company's entire goodwill balance.
As reported income (loss) from operations includes several non-operational items, such as the impairment of goodwill, the release of a supplier dispute, restructuring charges, special costs, and tender offer related costs, the Company is providing earnings before income taxes, interest, depreciation and amortization (“EBITDA”) and adjusted EBITDA as an additional means of comparison. For the year ended December 31, 2009, the Company had EBITDA of negative $9.6 million compared to negative $10.9 million for the same period last year. For the year ended December 31, 2009, the Company had Adjusted EBITDA of negative $2.8 million compared to negative $3.5 million for the same period last year. (See the Non GAAP Reconciliation table in the Selected Financial Data section of this press release.)
Basic and diluted earnings per share from continuing operations for the three months ended December 31, 2009, which included the $6.7 million tax refund, was $1.95 and $1.81, respectively, compared to a basic and diluted loss per share of $3.89 for the same period last year. For the year ended December, 3l, 2009, basic and diluted loss per share from continuing operations was $1.10, compared to a loss of $3.61 for the same period last year.
On December 31, 2009, cash and cash equivalents totaled $33.4 million compared with $35.1 million on December 31, 2008. The Company's working capital related to continuing operations was $59.6 million at December 31, 2009 compared with $61.6 million at December 31, 2008. As of December 31, 2009, the Company had no outstanding borrowings from its credit facility with approximately $43.4 million of availability.