August 5, 2010 / 9:47 PM / 8 years ago

UPDATE 1- Canada's IMRIS Q2 loss narrows

* Q2 loss C$0.06/shr vs loss C$0.12/shr year ago

* Rev rose 70 pct

Aug 5 (Reuters) - Canada’s IMRIS Inc IM.TO reported a narrower loss helped by higher sales, and said it sees a strong year of growth with conversion of backlog at a faster rate.

“We have a very robust backlog at C$94 million and we believe the softer order flow in the first half of 2010 will not have a meaningful impact on our business going forward,” Chief executive David Graves said in a statement.

For the second quarter, the company posted a net loss of C$1.9 million, or 6 Canadian cents a share, compared with a net loss of C$3.3 million, or 12 Canadian cents a share, a year ago.

Revenue for the quarter rose 70 percent to C$16.8 million, but expenses rose 24 percent to C$8.4 million.

Analysts on average were expecting earnings of 2 Canadian cents a share on revenue of C$18.57 million.

Shares of the company, which makes magnetic resonance imaging systems closed at C$4.57 on the Toronto Stock Exchange. (Reporting by NR Sethuraman in Bangalore; Editing by Vyas Mohan)

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