Although the Company believes the expectations reflected in such forward-looking statements are based on reasonable assumptions it can give no assurance that its expectations will be attained. The Company undertakes no obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.
With that, it’s now my pleasure to turn the call over to CalAmp’s Chief Executive Officer, Rick Gold. Rick?
Thank you, Lasse. Good afternoon and thank you for joining us today to discuss CalAmp’s fiscal 2011 second quarter results. I will begin with comments on our financial and operational highlights and I will then provide an update on our Satellite products business. Michael Burdiek will follow with an update on our Wireless DataCom business and Rick Vitelle will discuss additional details about our financial results, balance sheet, working capital management, and cash flow. I will wrap up with our business outlook and guidance along with some concluding remarks. This will be followed by a question-and-answer session.Looking at our results, we made significant progress in the second quarter with consolidated revenue increasing by 23% year-over-year 12% on a sequential quarter basis. We are continuing to experience strong growth in Wireless DataCom with mobile resource management, or MRM, product revenues at record levels in the quarter. In addition, recent new orders have pushed out wireless networks backlog to an all-time high at the end of the quarter. Our Satellite products business also posted improvements in the second quarter in revenue and operating profitability on both a sequential and a year-over-year basis. At the bottom line for the second quarter the GAAP basis net loss was $0.9 million, or $0.03 per diluted share. Excluding the impact of amortization of intangible assets and stock-based compensation expense, our adjusted basis, or non-GAAP, net loss was $153,000, or $0.01 per diluted share. I refer you to our second quarter earnings press release issued earlier today for a detailed reconciliation of the GAAP basis pre-tax loss to the adjusted basis or non-GAAP net loss.