Danionics A/S reported unaudited earnings results for the first quarter ended March 31, 2012. For the quarter, the company reported net loss of DKK 814,000 or DKK 0.05 per diluted share on revenue of DKK 152,000 compared to net loss of DKK 713,000 or DKK 0.05 per diluted share on revenue of DKK 548,000 reported a year ago. Operating loss was DKK 774,000 compared to DKK 560,000 reported a year ago. Loss before tax was DKK 814,000 compared to DKK 713,000 reported a year ago. Net cash flow to operating activities was DKK 638,000 compared to DKK 472,000 reported a year ago. Total capital investments was DKK 43,000 compared to DKK 155,000 reported a year ago. Booked value per share was DKK 0.14 compared to DKK 0.08 reported a year ago. The company retains the forecast for 2012 presented in the annual report for 2011. The financial performance for 2012 will be affected by sales and marketing costs in the joint venture and administrative expenses of around DKK 3 million. Overall, the company expects a loss in the range of DKK 2.5 - 3 million after interest income but before recognition of any share of the profit/loss for the year or value adjustments in Danionics Asia Ltd.