On the call today are Gideon Argov, President and CEO; Bertrand Loy, Chief Operating Officer; and Greg Graves, Chief Financial Officer.
Gideon will now begin the call.
Thank you, Steve. Good morning, and thank you for joining the call. I'm pleased to report that Entegris achieved another record year in terms of sales, earnings and cash flow. We grew our sales 9%, $749 million from the prior year; achieved cash EPS of $0.80 and generated $157 million in cash from operation. Above all, we continue to execute well operationally and to move forward on our growth strategies. We're proud of this performance particularly during the year in which the industry slowed dramatically in the second half and the world contended with considerable global economic challenges.In the fourth quarter, sales, as we anticipated, were $164 million, down 5% from the third quarter. Cash EPS was $0.16 and our adjusted operating margin was 14.08%, both in line with our target operating model. We also generated nearly $45 million in cash from operations during the quarter. In terms of fourth quarter trends and for much of the second half of 2011, the semiconductor industry was a tale of 2 cities. Technology-driven spending by the leading semiconductor device-makers continued unabated while on the legacy side of technology spectrum, production rates in the industry remains sluggish through the fourth quarter. This was reflected in our business results. We continue to gain traction and growth with our products designed to support the brand's processes. Our mix of sales, 64% unit-driven, the 36% capital spending-driven, was virtually unchanged from the third quarter. However, we had growth in several advanced filtration product lines for wet etch and clean and photochemical applications. This was offset by lower sales of some legacy-unit driven products which has shippers used for 200 mm and below wafers.