I will talk more about these wins and other operational highlights in a few minutes. But first, I’d like Darin to walk through the financial results for the period. Darin?
Darin P. McAreavey
Thanks, Scott, and good afternoon everyone. Revenue in Q2, 2012 decreased 12% sequentially to $1.6 million from the prior quarter and decreased 49% from the same year-ago period. As Scott mentioned, the decrease in both periods was primarily due to the reduced orders for the iShowroom branded tower application as Chrysler continue to install from previously purchased inventory.
Although we experienced a year-over-year decline in key half quarters, both Chrysler and individual Fiat dealership, in the first half of 2012. We believe that we will receive additional orders for interactive Branded Tower Salon featuring iShowroom as Chrysler is nearing full deployment of the May 2011 order for 400 dealership.At the end of Q2, we had recognized a total of 900,000 of purchase orders for which revenue will be recognized in future quarters. Recurring revenue in Q2, 2012 increased 2% sequentially to a record $475,000 or 31% of total revenue, and increased 19% from the same year-ago period. Gross profit totaled $945,000 or record 61% of revenue compared to $949,000 or 54% of revenue in previous quarter and $1.4 million or 46% of revenue in Q2 of 2011. Net loss totaled $1.2 million or $0.05 per basic and diluted share, this was an improvement from the net loss of $1.8 million or $0.08 per basic and diluted share in the previous quarter. And a net loss of $1.4 million or $0.07 per basis and diluted share in the same year-ago period. Q2, 2012 net loss included a $132,000 of non-cash stock compensation expense versus $161,000 in the previous quarter and $178,000 in Q2 of 2011. For the quarter our non-GAAP operating loss totaled $999,000 or $0.04 per basic and diluted share. This was the lowest quarterly non-GAAP loss since going public.
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