8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C.  20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported):            April 11, 2005

INFOCUS CORPORATION

(Exact name of registrant as specified in its charter)

Commission File Number: 000-18908

Oregon	93-0932102
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)
27700B SW Parkway Avenue, Wilsonville, Oregon	97070
(Address of principal executive offices)	(Zip Code)
Registrant’s telephone number, including area code: 503-685-8888

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

INFOCUS CORPORATION

FORM 8-K

INDEX

Item	Description
Item 2.02	Results of Operations and Financial Condition
Item 9.01	Financial Statements and Exhibits
Signatures

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Item 2.02  Results of Operations and Financial Condition

On April 11, 2005, InFocus Corporation issued a press release announcing preliminary results for its first quarter ended March 31, 2005.  The company expects revenues to be between $136 million and $138 million and gross margins to be between 7% and 8% for the first quarter.  As a result, the company expects to post an operating loss of between $21.4 million and $23.4 million and a net loss per share of between $0.30 per share and $0.35 per share.  Included in the expected operating loss and net loss per share for the quarter is a restructuring charge of approximately $4.4 million associated with the company’s previously announced plan to reduce its Norway operations.  A copy of the complete press release is attached as Exhibit 99.1.

We provide in the press release certain non-GAAP financial measures, including pro forma operating loss and pro forma net loss per share. As used herein, “GAAP” refers to accounting principles generally accepted in the United States.  These non-GAAP financial measures exclude restructuring and other non-recurring charges from the directly comparable GAAP measures. As required by Regulation G, the press release contains a reconciliation of the non-GAAP financial measures to the most directly comparable GAAP measures.  We believe the non-GAAP measures are useful to investors because they provide an alternative method for measuring the operating performance of our business, excluding certain non-recurring and non-cash items that would normally be included in the most directly comparable GAAP financial measure. Our management uses these non-GAAP financial measures along with the most directly comparable GAAP financial measures in evaluating our operating performance. Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information presented in compliance with GAAP, and non-GAAP financial measures as reported by us may not be comparable to similarly titled items reported by other companies.

Item 9.01  Financial Statements and Exhibits

(c) Exhibits

The following exhibit is furnished herewith and this list is intended to constitute the exhibit index:

99.1Press release dated April 11, 2005 announcing InFocus Corporation’s preliminary results for the first quarter of 2005 ended March 31, 2005.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date:   April 11, 2005	INFOCUS CORPORATION
	By:	/s/C. Kyle Ranson
	C. Kyle Ranson
	President and Chief Executive Officer
	(Principal Executive Officer)
	By:	/s/Michael D. Yonker
	Michael D. Yonker
	Executive Vice President, Chief Financial Officer and Secretary
	(Principal Financial Officer)

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EX-99.1

EXHIBIT 99.1

Investor Relations Contact:

Michael Yonker

Chief Financial Officer

InFocus Corporation

(503) 685-8609

InFocus® Announces Preliminary First Quarter Results

Final results to be released April 26, 2005

WILSONVILLE, Ore., April 11, 2005 – InFocus® Corporation (Nasdaq: INFS) today announced preliminary financial results for the first quarter ended March 31, 2005.

Revenues for the first quarter are expected to be between $136 million to $138 million, compared to the company’s previous outlook of $150 million to $160 million.  Gross margins are expected to come in between 7% and 8% compared to the previous outlook of between 16% and 18%.  Write downs for remanufactured product inventories, service spare parts, and slow moving finished goods impacted margins between two and three points for the quarter.

In addition, in line with previous guidance for the quarter, operating expenses are expected to be between $28 million and $29 million, inventory is expected to decline approximately $27 million, the realized gain on sale of marketable securities is expected to be approximately $9 million, and the restructuring charge related to reducing Norway operations is expected to be approximately $4.4 million.

As a result, the company expects to report an operating loss for the first quarter ranging between $21.4 million and $23.4 million and a net loss per share for the first quarter between $0.30 and $0.35 per share.  Excluding restructuring charges, the range of operating loss is between $17.0 million and $19.0 million and the range of net loss per share is between $0.19 and $0.24 per share.

“The first quarter has historically been very price competitive for our industry due to the typical March 31 fiscal year end selling pressure from our Japanese competitors.  This year, the level of excess inventory available across the industry further exacerbated the competitive pricing environment resulting in lower revenues and gross margins for us across all three of our geographic regions,” said Kyle Ranson, President and CEO of InFocus.  “Despite the revenue shortfall, we were able to increase cash and marketable securities and achieve our inventory reduction target during the quarter,” added Ranson.

The company’s balance sheet remains strong with total cash and marketable securities as of the end of March expected to be approximately $73 million with no outstanding borrowings.  Inventory levels are expected to be approximately $128 million as of the end of the quarter, a reduction of approximately $27 million during the first quarter.

Reconciliation of GAAP and Pro Forma Information

The company expects to record non-recurring charges that are excluded from operating losses and net loss per share for comparative purposes.  In accordance with SEC FR-59, we have attached a Statement of Reconciliation of GAAP Earnings.

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Final Quarterly Results to be Released April 26, 2005

The company is scheduled to release its first quarter 2005 financial results on April 26, 2005 and will hold a conference call at 11:00 a.m. eastern time that same day. The conference can be accessed by calling (866) 904-2211 (U.S. participants) or (416) 641-2145 (outside U.S. participants), or via live audio Web cast at www.infocus.com.  Upon completion of the call, the Web cast will be archived and accessible on our website for individuals unable to listen to the live telecast.  An audio replay will be available until May 3 by dialing (888) 509-0081 (U.S. participants) or (416) 695-5275 (outside U.S. participants.)

Safe Harbor Statement

This press release includes forward-looking statements, including statements related to anticipated revenues, gross margins, expenses, earnings, availability of components and subassemblies manufactured for the company, inventory, backlog and new product introductions.  Investors are cautioned that all forward-looking statements involve risks and uncertainties and several factors could cause actual results to differ materially from those in the forward-looking statements.  The following factors, among others, could cause actual results to differ from those indicated in the forward-looking statements: 1) in regard to revenues, gross margins, inventory and earnings, uncertainties associated with market acceptance of and demand for the company’s products, the impact competitive and economic factors have on business buying decisions, dependence on third party suppliers, the impact of regulatory actions by authorities in the markets we serve, and commencement of operations and initial product shipments by our newly formed joint venture with TCL Corporation; 2) in regard to product availability and backlog, uncertainties associated with manufacturing capabilities, availability of critical components, and dependence on third party suppliers; and 3) in regard to new product introductions, ability of the company to make timely delivery of new platforms, uncertainties associated with the development of technology, uncertainties with product quality and availability with the transition to offshore contract manufacturing and the establishment of full manufacturing capabilities, dependence on third party suppliers and intellectual property rights.  Investors are directed to the company’s filings with the Securities and Exchange Commission, including the company’s 2004 Form 10-K, which are available from the company without charge, for a more complete description of the risks and uncertainties relating to forward looking statements made by the company as well as to other aspects of the company’s business.

About InFocus Corporation

InFocus® Corporation (Nasdaq: INFS) has been innovating and developing new ways for people to share big pictures and ideas in business, education and home entertainment for almost twenty years. Beginning with our worldwide leadership in digital projectors, today our expertise extends beyond projection into large format displays, rear projection televisions, wireless connectivity, networking software and engine technology all designed to make the presentation of ideas, information, and entertainment an exhilarating experience.

InFocus Corporation’s global headquarters are located in Wilsonville, Oregon, USA, with regional offices in Europe and Asia. For more information, visit the InFocus Corporation web site at www.infocus.com or contact the company toll-free at 800.294.6400 (U.S. and Canada) or 503.685.8888 worldwide.

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InFocus Corporation

Reconciliation of GAAP Earnings

(In millions, except per share amounts)

(Unaudited)

	First Quarter 2005 Operating Loss Range
	High			Low
GAAP Operating Loss	$	(23.4	)	$	(21.4	)
Adjustments:
Restructuring charges, net of income taxes	$	4.4		$	4.4
Proforma excluding non-recurring adjustments	$	(19.0	)	$	(17.0	)

	First Quarter 2005 Net Loss Per Share Range
	High			Low
GAAP Net Loss Per Share	$	(0.35	)	$	(0.30	)
Adjustments:
Restructuring charges, net of income taxes	$	0.11		$	0.11
Proforma excluding non-recurring adjustments	$	(0.24	)	$	(0.19	)

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