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Xyratex's CEO Discusses Q1 2012 Results - Earnings Call Transcript

Also, please note that in addition to reporting financial results in accordance with Generally Accepted Accounting Principles, or GAAP, Xyratex routinely reports certain non-GAAP financial results. These non-GAAP measures, together with the corresponding GAAP numbers and reconciliation to GAAP, are contained in our earnings press release. We encourage listeners to review these items.

Before I turn it over to Richard, I would like to make you aware that following the direction we outlined in our last call to take advantage of the increasing technology synergies within the company to better serve the business opportunities we see, we've taken the decision to consolidate our organizational governance and operate as a single entity as opposed to our historical dual divisional structure.

As a result, we will now be reporting under a single financial structure. We will continue to provide supplemental segment analysis for our Enterprise Data Storage Solutions, formerly referred to as Networked Storage Solutions, and our Hard Disk Drive Capital Equipment product, formerly referred to as Storage Infrastructure. And we'll refer to these statements -- refer to these segments as we discuss the overall business.

I would now like to turn the call over to Richard to review the financial details of the quarter.

Richard Pearce

Thank you, Brad, and good afternoon, everyone. I'd like to thank you for joining us today. Our press release is available both on PR Newswire and our website. I'd now like to provide you with some commentary about our results for the first quarter. Please note that all numbers are in accordance with GAAP unless stated otherwise.

Total revenue was $295.7 million, down 18% as compared to the first quarter of last year and down 24% from our prior fiscal quarter. Revenue was at the lower end of our expectations, primarily as a result of disk drive supply constraints in respect of our Enterprise Data Storage Solutions products.

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