I would like to point out that there were 14 weeks of activity in the first quarter of fiscal 2012, that compares to a typical 13 weeks in a quarter. From time to time during today's conference call, we will point out the impact of this additional week on historical and projected trends.
The 14-week quarter occurs because ADI follows a fiscal year calendar of 52 weeks per year. As a result, there is an extra week approximately every fifth or sixth year, and to adjust for that one day difference between our fiscal year and the typical 365-day calendar year.
Finally, I'd ask you to please note that the information that we're about to discuss includes forward-looking statements, intended to qualify for the Safe Harbor from liabilities established by the Private Securities Litigation Reform Act of 1995. These forward-looking statements include risks and uncertainties, and our actual results could differ materially from those we will be discussing. Factors that could contribute to such differences include, but are not limited to, those described in our SEC filings, including our most recent quarterly report on Form 10-Q which was filed today.
The forward-looking information that is provided on this call represents our outlook as of today, and we do not undertake any obligation to update the forward-looking statements made by us. Subsequent events and developments may cause our outlook to change. Therefore, this conference call will include time-sensitive information that may be accurate only as of the date of the live broadcast, which is February 22, 2012.With that, I'll turn the call over to opening remarks from our CEO, Jerry Fishman.Jerald G. FishmanWell good afternoon to everybody. As you can tell from our press release, our revenues in the first quarter totaled about $648 million, which was a decline of 9.5% sequentially and 11% year-over-year. And although within the range we provided last quarter, it was at the lower end of that guidance range.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV