I trust you've all seen copies of our press release, which was published last night. First, however, I'd like to remind you that except for historical information, the matters that we will be describing this morning will be forward-looking statements that are dependent on certain risks and uncertainties including such factors, among others, as new orders received and shipped during the quarter, the timely introduction of new processes and products and the general conditions in the world economy and financial markets.
In addition to these risks, which we described in our press release issued yesterday, we refer you to the risk factors listed in the company's Form 10-Q for the quarter ended January 1, 2012, particularly management discussion and analysis of financial condition and the results of operations.
Secondly, SEC Regulation FD regarding selective disclosure influences our interaction with investors. We have opened up this conference call to enable all interested investors to listen in. The press release and this conference call will be our forum to respond to questions regarding our estimated financial performance going forward.
Consequently, should you have any questions regarding our estimates of sales and profits or other financial matters for the upcoming quarter, as well as how they might impact our income statement model and our balance sheet, this is the time we're free to respond to those questions.As you can tell from our press release, we returned to growth for the quarter and believe our business will continue to improve in the upcoming June quarter. Going into the quarter, we forecasted that our business was at an inflection point, and we believe the business would improve going forward. The quarter unfolded as we expected, and we reported revenue results for the quarter at the midpoint of our guidance. We saw a growth across almost all of our end markets. Our bookings grew over last quarter, cancellations were minor and we had a positive book-to-bill ratio for the quarter. Sales increased by 6%. Gross margin improved from 74.9% to 75.1%. We had similar shutdowns in our factories compared with last quarter, therefore not impacting gross margin positively or negatively.
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
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
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts