Pixelworks, Inc. announced unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2011. Fourth quarter 2011 revenue was $16.8 million, compared to $17.4 million reported in the third quarter of 2011 and $14.1 million in the fourth quarter of 2010. The increase in revenue compared to the year-ago quarter was driven by higher sales of new products and volume shipments for advanced TV. Revenue declined sequentially primarily due to weaker than expected demand in the digital projection market. For the fourth quarter of 2011, the company recorded a GAAP net loss of $2.0 million, or $0.11 per share, compared to a GAAP net loss of $1.1 million, or $0.06 per share, in the third quarter of 2011 and GAAP net loss of $3.2 million, or $0.24 per share, in the fourth quarter of 2010. On a non-GAAP basis, net loss in the fourth quarter of 2011 was $1.3 million, or $0.07 per share, compared with a net loss of $0.5 million, or $0.03 per share, in the third quarter of 2011 and net loss of $3.6 million, or $0.27 per share, in the fourth quarter of 2010. Loss from operations was $1.589 million against $3.471 million for the comparable period of last year. Loss before income taxes was $1.678 million against $2.867 million for the comparable period of last year. Adjusted EBITDA was $368,000 against adjusted LBITDA of $1.829 million for the same period a year ago. For the year, the company reported net loss of $6.566 million or $0.40 basic and diluted loss per share on net revenue of $64.609 million against net income of $373,000 or $0.03 basic and diluted income per share on net revenue of $69.529 million for the prior year. Loss from operations was $7.805 million against $5.908 million for the comparable period of last year. Loss before income taxes was $6.425 million against $5.022 million for the comparable period of last year. Non GAAP net loss was $5.978 million or $0.37 per share versus net income of $1.382 million or $0.10 per share of previous year. Adjusted LBITDA was $239,000 against adjusted EBITDA of $1.061 million for the same period a year ago. For the first quarter of 2012, the company expects revenue to be in the range of $12 million to $14 million. The company expects gross profit margin for the quarter to range between 45% to 47% on a non-GAAP basis and 43% to 45% on a GAAP basis and non-GAAP first quarter 2012 results of between a net loss of 6 cents and 20 cents per share; and on a GAAP basis the company expect a net loss per share of between 11 cents and 24 cents.