IMRIS, Inc. announced unaudited financial results for the first quarter ended March 31, 2012. For the quarter, the company reported gross profit of $1.394 million against $4.453 million a year ago. Adjusted LBITDA was $7.222 million against $3.850 million a year ago. Operating loss was $8.545 million against $5.015 million a year ago. Net loss was $8.350 million or $0.18 per diluted share against $4.588 million or $0.10 per diluted share a year ago. The lower gross profit in this year's period is primarily due to lower system installations. In the balance of 2012, the company expects top line improvement with annual revenues forecast to be in the range of $57 million to $60 million. Quarterly revenues are expected to increase significantly from first quarter of 2012 with second quarter of 2012 revenues anticipated to be $15 million to $16 million. In 2012, annual gross margin is expected to be comparable to 2011 levels, with quarterly gross margins expected to vary somewhat depending on the timing of underlying system installations in the respective quarters. As market recognition and demand for products expands, the company's margins are anticipated to increase into the mid 40% range.