IMRIS, Inc. announced unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2014. For the quarter, the company reported total revenue of USD 9,558,000 against USD 9,985,000 a year ago. Operating loss was USD 4,270,000 against USD 19,834,000 a year ago. Net loss before taxes was USD 6,472,000 against USD 21,503,000 a year ago. Net loss was USD 6,846,000 or USD 0.13 per basic and diluted share against USD 21,615,000 or USD 0.42 per basic and diluted share a year ago. Adjusted LBITDA was USD 3,286,000 against USD 18,767,000 a year ago.

For the full year, the company reported total revenue of USD 28,891,000 against USD 46,042,000 a year ago. Operating loss was USD 22,919,000 against USD 39,305,000 a year ago. Net loss before taxes was USD 29,924,000 against USD 41,856,000 a year ago. Net loss was USD 6,472,000 or USD 0.58 per basic and diluted share against USD 21,503,000 or USD 0.83 per basic and diluted share a year ago. Net loss was USD 30,166,000 against USD 42,000,000 a year ago. Net cash used in operating activities was USD 10,910,000 against USD 40,581,000 a year ago. Acquisition of property, plant and equipment was USD 2,510,000 against USD 9,179,000 a year ago. Acquisition of intangible assets was USD 140,000 against USD 227,000 a year ago. Adjusted EBITDA was USD 6,472,000 against USD 21,503,000 a year ago. Adjusted LBITDA was USD 18,559,000 against USD 33,934,000 a year ago.

The company anticipates its 2015 first quarter revenues will be in the range of USD 3.5 million to USD 4.5 million, with the strongest quarterly revenue following in the second half of 2015.

The company's full-year 2015 revenues, comprised of systems, service, upgrades and disposables sales, are expected to be in the range of USD 40 million to USD 55 million. For the 2015 year, the company anticipates a higher gross profit margin of approximately 42% to 45%. The expected increase is a result of the company's multi-source sales strategy, growing services contribution that carry higher margins and completion of lower margin beta sites in prior years. The company forecasts capital expenditures in 2015 to be approximately USD 2.5 million.