Aaron will discuss the financial performance for the quarter, and Alex will give his comments on the industry and on Pericom's business. Then Aaron will provide guidance for the first quarter of fiscal 2012. Aaron.
Thank you, Bob, and good afternoon everyone. We recently concluded fiscal year 2011, which was very successful. Although the economic environment was turbulent, we still reached a new record revenue level of $166 million for the year.
Another key highlight was the PTI acquisition that we closed during the first quarter of the year. Our balance sheet remained in excellent condition. We improved our cash per share by 8% year-over-year to $5.12, and also improved our book value per share by 11% year-over-year to $9.74.Consistent with the last three quarters, please note that we are reporting non-GAAP financial measures for net income, gross profit and operating expenses in addition to our GAAP financial results. Due to the PTI acquisition, we have a significant amount of cash and non-operating income and expense items included in the income statement, which are not reflective of the performance of our normal business operation. Now let's review some of the detail. Our consolidated net revenues for the fourth quarter were $43.3 million, an increase by 10% from the $39.6 million reported last quarter, and increased by 4% over the $41.5 million for the same period last year. Please note that last year's Q4 included one extra week, so the normalized year-over-year change was actually 12%. During Q4 the networking and communications and the enterprise computing segments were relatively strong, while the consumer segment was weaker on a sequential basis. For the full fiscal year, net revenues were $166.3 million and represented a 13% year-over-year increase. When normalizing for last years extra week, the growth was 16%. The Q4 geographic distribution was as follows, Asia 91%, U.S. 6%, and Europe 3%. Our channel sales mix was, international distribution 68%, contract manufacturers 24%, OEMs 6%, and U.S. distribution 2%.