LookSmart, Ltd. announced unaudited consolidated financial results for the first quarter ended March 31, 2012. For the quarter, the company reported revenues of $4.0 million, compared to $8.4 million in the first quarter of 2011. Net loss was $2.1 million, or $0.12 per basic and diluted share compared to $0.8 million, or $0.05 per basic and diluted share a year ago. Non-GAAP net loss was $2.1 million compared to non-GAAP net income of $0.2 million in the first quarter of 2011. Capital expenditures, including capitalization of internally developed software, in the first quarter of 2012 were $0.3 million, compared to $0.4 million in the first quarter of 2011. Loss from operations was $2,157,000 against $783,000 a year ago. Loss from operations before income taxes was $2,150,000 against $796,000 a year ago. The company used $1.7 million in cash and operations in the first quarter and spent $300,000 on capitalized operating assets and $200,000 on lease payments. The company closed the quarter with $22.6 million in cash and liquid investments. The company's goal and intent is to restore profitability in 2012. The company expects 2012 to be an investment year, especially in technology and direct advertising sales and operations.