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Lionbridge Technologies CEO Discusses Q1 2011 Results - Earnings Call Transcript

Going further down the statement here, our tax expense remained low at about $500,000 for the quarter, and we continue to manage our FX-related other expense in line as well, which was only about $450,000 for the quarter, and that's really despite a 20% swing from peak to trough, among major currencies during the quarter. It's been a long time since we've had that amount of volatility, and I'm pleased that we were able to keep our exposure to such a small amount in that environment.

And finally, we ended the quarter with about $25 million in cash. And Q1 revenue came in as planned. We had some short term headwinds on gross margin, due to work mix, and we continue to manage our G&A, tax, and currency costs, despite volatility. And our balance sheet remains strong.

So now let me touch on our strengthening demand environment for Q2 and our view of the second half of 2011. As I mentioned, we're seeing positive trends on the revenue side. First, with new account growth, as we break down our sequential quarter revenue ramp for Q2, we're delighted to see growth coming from newer programs with clients outside of our traditional top 10.

This might be companies such as Cisco our Caterpillar, Eli Lilly, or Motorola. We won a number of these new programs in 2010 that are starting up in Q1 and are now ramping in Q2. And now, we're ramping these into what we'll consider major accounts, and this is what we tend to do well. We win the project, we prove ourselves on some smaller projects, and then we grow this relationship over time.

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