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My name is Jim Snider from the semiconductor here at Goldman and it's my pleasure to introduce IR today. IR is a broad line supplier of analog products into the communications, computing, industrial, consumer and military aerospace end markets and with those from the company is Oleg Khaykin. Welcome Oleg.
Thank you Jim.
Jim Schneider - Goldman
So just wanted your thoughts at sort of very high level on or maybe sort of tactical over actually on near term business trends, clearly you've seen similar things to the rest of the industry over the past couple of quarters, we've seen a pretty pronounced in store correction across the industry. But it looks like something your business has started to turn the corner at this point and guided the sales flat up 9% for the March quarter I believe it was. Can you give us a sense of what you've been seeing from customers? What times you think that they were actually at the bottom of the cycle and what do you think the reflection looks like from here.
Well I think really December and March quarter should be taken together kind of the floor and really depending on whether you took your poison in the December quarter or you spread it out between two quarters, if you took our word, dropped in the December quarter, you're probably more towards down in the March quarter, if you took bigger drops like which chose to do in the December quarter, you're going to see some recovery. And the basic thing is it always comes down to the end demand and the end demand do not really drop that much. Because I look at my sell-in and sell through numbers last quarter in Asia, my sell through was down in single digits in demand, but sell-in was down 30 to 40%. So there is clearly everybody is burning inventory and inventories are being burned not just steady distribution semiconductor company levels but all the way up to the retail aspect. Everything is evenly coming down and one of the things that everybody has forgotten, 2008, 2009 and I talked to some of our customers in their procurement, I said well, what is the deal with the device, well, I am under strict orders to reduce inventory. I don't care. I'm not even if you give me 5-10% discount, I am reducing inventories come hell or high water because my TL wants floor inventories and that percolates all the way across industry.