IMRIS, Inc. reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2011. For the quarter, the company reported revenues of $14.7 million compared to $24.8 million in the same period a year ago. Adjusted LBITDA was $4.4 million compared to adjusted EBITDA of $3.2 million in the same period a year ago. Operating loss was $5.3 million compared to operating income of $2 million in the same period a year ago. Net loss was $4.959 million or $0.11 per diluted share compared to net income of $0.970 million or $0.02 per diluted share in the same period a year ago. For the year 2011, the company reported revenues of $51.8 million compared to $70.3 million a year ago. The lower 2011 revenues reflect lower installations in 2011 due to changes in customer schedules that resulted in certain installation activities being delayed to future periods. Adjusted LBITDA was $16.0 million compared to adjusted EBITDA of $3.5 million a year ago. Operating loss was $20.6 million compared to $0.981 million a year ago. Net loss was $20.925 million or $0.47 per diluted share compared to $1.766 million or $0.05 per diluted share a year ago. The decreased revenues in both the fourth quarter and full year 2011 primarily reflect lower installation activities in 2011, partially offset by higher revenues from service contracts. The year over year decreases in adjusted EBITDA and operating loss reflect lower gross profit and higher investment in operating expenses. The higher net losses in 2011 reflect the year over year increases in operating losses, as well as a tax provision of $0.4 million that was recorded in the fourth quarter of 2011 related to taxable income in several of the company's foreign subsidiaries due to transfer pricing used in those foreign jurisdictions. These impacts were partially offset by lower foreign exchange losses, which were $0.026 million in full year 2011 compared with $0.8 million in 2010. The company provided earnings guidance for the first quarter of and full year of 2012. Seasonal variability in quarterly revenues is expected throughout 2012 with first quarter revenues anticipated to be in the $4 million range due to the timing of customer deliveries. Revenues in subsequent quarters are expected to increase significantly, with fourth 2012 anticipated to deliver the strongest quarterly revenues for the year. In addition, quarterly gross margin levels are expected to vary somewhat depending on the timing of underlying system installations in the respective quarters. As market recognition and demand for the newer products and applications expands, the company's overall margins are anticipated to increase into the mid 40% range. In 2012, the company expected top line improvement with annual revenues forecast to be in the range of $57 million to $60 million. In 2012, overall annual gross margin is expected to be comparable to 2011 levels as these systems are installed.