Total revenues for the first quarter of 2007 were $3.0 million, compared with $1.0 million for the same period last year. The increase was due to recognition of revenues from a license agreement and a development agreement signed in September 2006, and the sale of an inkjet printer during the first three months of 2007.
Net loss increased slightly to $7.7 million during the first quarter of 2007, from $7.6 million for the same period in 2006.
Total deferred revenues at March 31, 2007 were $9.2 million, an increase of $3.9 million from the $5.3 million at December 31, 2006. Deferred revenues increased because the amount of cash we received under license and technology services contracts in the first quarter of 2007 exceeded the revenues we recognized under those contracts during the same period. The most significant of those contracts was the major license which was sold in September 2006, pursuant to which revenues are being spread over time rather than being recognized on receipt.