The forward-looking statements contained in this call are based on information as of today, February 21, 2012 and except as required by law, the company undertakes no obligation to update or revise any of these forward-looking statements.
Finally, this call will contain references to certain non-GAAP measures. The reconciliation of these non-GAAP measures is set forth in today’s press release and in our Form 8-K filing.
At this point, I’ll turn the call over to our Chairman, President and CEO, Suri Suriyakumar. Suri.
Suri SuriyakumarThank you David and good afternoon. Our results for the fourth quarter and full year came in as expected in 2011 and once again our performance amply demonstrates our ability to perform in the midst of economic and industry uncertainty. The company reported annual revenue for 2011 of $422.7 million with a gross margin of 31.8%. Cash flow from operations was $49.2 million in 2011, making it the fifth year in a row, where the company has generated more than $1 per share in cash flow from operations. Adjusted earnings per share came in at negative $0.02 and included $0.015 of cost associated with the company CFO’s transition and certain facility closing cost.We reported revenue for the fourth quarter of 2011 of $101.8 million, a quarterly gross margin of 30.7%, adjusted earnings per share for the fourth quarter of $0.0, while cash flow from operations for the period was $19.7 million. While most reprographers clung desperately to traditional services and struggled to survive 2011, ARC was actively diversifying into adjacent and growing markets and delivering results that strongly indicate the company is finding new ways to apply it’s core competencies to new markets and generate new sources of income. As I noted in our press release earlier, FM revenues grew 13.5% in the fourth quarter and posted more than 11% increase year-over-year. This performance was led largely by our managed print services and offering that was brand new to us just 18 months ago.
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