IMRIS reports record third quarter results

WINNIPEG, Nov. 2 /CNW/ - IMRIS Inc. (TSX: IM) ("IMRIS" or the "Company") today reported third quarter 2009 financial results highlighted by record sales, and gross profit performance.

 Highlights: - Sales increased 103% to $9.9 million over Q3 2008 - Gross profit as a percentage of sales increased to 45% compared with 27% in Q3 2008 - Order bookings of $10.6 million contributed to 73% year over year growth in backlog - IMRISNV and IMRIScardio approved for sale in the US and Canada 

 Financial Highlights: ------------------------------------------------------------------------- 3 months ended Sept. 30 9 months ended Sept. 30 ---------------------------------------------------------- ($ 000's except per share amounts) (unaudited) 2009 2008 Change 2009 2008 Change ------------------------------------------------------------------------- Sales 9,864 4,869 103% 24,496 17,219 42% ------------------------------------------------------------------------- Gross profit 4,462 1,327 236% 10,739 3,187 237% ------------------------------------------------------------------------- Gross profit as % of sales 45.2% 27.3% - 43.8% 18.5% - ------------------------------------------------------------------------- Operating expenses 6,078 6,356 (4%) 18,663 17,159 9% ------------------------------------------------------------------------- Operating loss before the following (1,616) (5,029) (68%) (7,924) (13,972) (43%) ------------------------------------------------------------------------- Foreign exchange (loss) gain (1,034) 231 - (1,658) 238 - ------------------------------------------------------------------------- Interest income (6) 118 - (1) 586 - ------------------------------------------------------------------------- Net loss (2,656) (4,680) (43%) (9,583) (13,148) (27%) ------------------------------------------------------------------------- Basic & diluted loss per share (0.10) (0.17) (41%) (0.35) (0.48) (27%) ------------------------------------------------------------------------- Cash, cash equivalents & accounts receivable 12,441(1) 19,806(2) (37%) 12,441(1) 19,806(2) (37%) ------------------------------------------------------------------------- Total assets 36,364(1) 39,849(2) (9%) 36,364(1) 39,849(2) (9%) ------------------------------------------------------------------------- Third Quarter and Nine Month Results Sales ----- 

 Gross Profit ------------ 

 Operating Expenses ------------------ 

 Operating Loss and Net Loss --------------------------- 

 Liquidity and Capital Resources ------------------------------- 

 Order Backlog ------------- 

 IMRISNV and IMRIScardio ----------------------- 

 -------------------- (1) Excludes net proceeds of approximately $19.3 million from the issuance of 3,697,250 common shares of the Company pursuant to an offering that closed on November 2, 2009. (2) At December 31.