Our technology roadmap that can differentiate and provide a competitive advantage and support our new strategic initiatives and an optimized organization with improved processes that has greatly enhanced our ability to scale as required to meet customer expectations.
I will be back to provide a sales update and closing remarks after Darin reviews the financials. Darin?
Thanks, Scott and good afternoon, everyone. As Scott stated, we reported revenue of $2.4 million for the first quarter of 2011, a 123% increase from $1.1 million in the first quarter of 2010. As of March 31, 2011, we had received purchase orders totaling approximately $600,000 that had not been recognized as revenue.The year-over-year increase in revenue was attributable to the sales of Chrysler and its network of dealerships promoting all of its automobile brands with the iShowroom interactive application, most recently featuring the new FIAT 500. We also received orders for further enhancements to the iShowroom application and additional requests for content updates and new learning programs as part of Chrysler’s new 2011 lineup introduction. The remaining increase in sales, when comparing the first three months of 2011 to 2010, was due to an approximate 600% increase in orders of ARAMARK. Our recurring hosting and support revenue for the first three months of 2011 totaled approximately $400,000. On a GAAP basis, our first quarter of 2011 net loss totaled $2.3 million or $0.12 per basic and diluted share, representing an improvement from our net loss of $2.8 million or $0.16 per basic and diluted share a year ago. Our net loss during the first quarter over -- improvement over the same period in the prior year as the result of an increase in gross margin dollars of approximately $700,000, partially offset by an increase in operating expenses. Excluding one-time expenses and non-cash charges, the first quarter of 2011 non-GAAP operating loss totaled $1.8 million or $0.09 per basic and diluted share versus a non-GAAP operating loss of $2.4 million or $0.14 per basic and diluted share in the first quarter of 2010. Sequentially, our non-GAAP operating loss increased by approximately $600,000. Read the rest of this transcript for free on seekingalpha.com
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