Although the company believes the expectations reflected in such forward-looking statements are based upon reasonable assumptions, we can give no assurance that its expectations will be attained. The company undertakes no obligation to update 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 President and CEO Michael Burdiek.
Thank you Stacey. Good afternoon and thank you for joining us today to discuss CalAmp’s fiscal 2012 fiscal first quarter results. I will begin by offering a few comments on the recent announcement regarding the CEO transition along with my thoughts on our business opportunities.
And then I’ll provide a review of the financial and operational highlights from this past quarter. Rick Vitelle will then discuss additional details about our financial results, balance sheet, working capital management and cash flow and 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.On June 1st I was named CalAmp’s Chief Executive Officer, succeeding Rick Gold who will continue to serve the company as Vice Chairman of the board of directors. I am honored by this appointment and very much looking forward to my new role as CEO during one of the most exciting times in the company’s history. The wireless technology adoption trends in fleet management, asset tracking, energy management, transportation security and public safety are extraordinarily favorable to CalAmp. We are one of very few companies in the world with the requisite core competencies to address the challenging performance, reliability and environmental requirements of these emerging applications. In my new role I will be focusing my energies on the execution of our strategy to accelerate our rate of growth and to fully capitalize on the exciting market opportunities ahead of us. To that end the leadership team within CalAmp will rely on the following five tenets to lay the foundation for our future growth and profitability.