Please note that the discussion today may contain certain statements which are forward-looking in nature pursuant to the Safe Harbor Provisions of Federal Securities Laws. These statements are subject to various risks and uncertainties and actual results may vary materially from these projections. StarTek advises all of those listening to this call to review our 2009 Form 10-K posted on our website for a summary of these risks and uncertainties. StarTek does not undertake the responsibility to update these projections. Further, our discussion today includes some non-GAAP measures, and according to Regulation G, we have reconciled these amounts back to the closest GAAP basis measurement. These reconciliations can be found in the appendix of the earnings call, PowerPoint presentation, and on the Investor page of our website under Regulation G. I would now turn the call over to Larry Jones, StarTek's President and CEO.
Thank you Julie and good morning everybody. As Julie mentioned, please download the presentation from our website and follow along. Let me start by acknowledging that this has been a difficult quarter.
The convergence of four factors has taken a toll on our quarterly revenue and EPS results. First was the closure of three sites, which we announced on the last call. Second, was the launching of four new offshore programs that we secured in the fourth quarter of last year representing over 1000 feet. Third, three of these four programs began in the first quarter and are expected to ramp over the next six months, and the other will begin this quarter. The third factor was waning demand in the telecommunications sector which was building over the last two quarters and resulted FTE reductions in a number of our North American sites. The final factor was lower Canadian exchange rates.Dave and I will provide you a lot more color and relative impact of these factors throughout our presentation today.