Second, we continue to execute on our investment and cost reduction plan that we're implementing throughout fiscal 2012, and we are on track to achieve our stated objectives of annualized savings of $30 million to $40 million. The ongoing execution of our cost reduction actions are aimed at improving our profitability, as the results of our investments in sales and marketing begin to take hold.
And third, the investments we've made in sales and marketing are gaining traction, and we are confident in their ability to improve our revenue trajectory. Today, our pipeline of sales opportunities is at its highest level since before the economic recession took hold in fiscal 2008. And new business sold in the first half but not yet contributing to revenue is ahead of the previous fiscal year.
In addition, we've combined sales and marketing under one leader, and we are excited that Tom Nightingale joined our team as President of Sales and Marketing in December. On today's call, Tom will comment on the pipeline and new business sold to date, as well as provide us perspective on the opportunities we see in the market and the actions we're taking to grow revenue.
Our financial results for the second quarter underscored the importance of these investments that are aimed at putting ModusLink on a path of sustained top line growth. The investments are focused on achieving higher levels of revenue from new programs in areas that present the greatest opportunity for growth and profitability. We're making very good progress, and Tom will update you on our actions later in the call.Read the rest of this transcript for free on seekingalpha.com