Hyro Ltd. announced consolidated earnings results for the first quarter ended March 31, 2012. For the quarter, the company reported revenues of AUD 59.0 million, compared to AUD 34.5 million for the first quarter of 2011. Non-GAAP operating loss was AUD 8.0 million or AUD 0.17 per share, compared to non GAAP income of AUD 7.1 million or AUD 0.19 per share a year ago. First quarter GAAP net loss available to common shareholders was AUD 24.9 million or AUD 0.53 per basic and diluted share, compared to AUD 12.5 million or AUD 0.34 per basic and diluted share in the first quarter of 2011. Free cash flow from operations was a negative AUD 12.9 million, compared to AUD 10.2 million in the first quarter of 2011. Loss from operations was AUD 23.99 million against AUD 14.65 million a year ago. Net loss before income taxes was AUD 24.82 million against AUD 12.4 million a year ago. For the year 2012, the company is setting a baseline revenue expectation at AUD 250 million with non-GAAP operating income margins trending toward previous levels in the second half of the year. The company expects to begin generating positive free cash flow from operations no later than the fourth quarter of this year. This outlook is dependent on the company's ongoing strategic review of its business lines and contractual relationships with its customers, and the company intends to provide a more complete outlook in due course upon completion of its comprehensive analysis.