With that, let me turn the call over to, Rich.
Good afternoon and welcome to our first quarter conference call. I will take a few minutes to summarize the highlights of the quarter after which Alan will provide more details on the financial results then I’ll provide some highlights on our target markets followed by our guidance for Q2. Q1 was challenging but didn’t mark what appears to be the end of the sequential declines in revenue we’ve experienced on the past few quarters.
As we had in prior quarters, we managed gross margin and operating expenses effectively allowing us to deliver a overall results consistent with our outlook in the consensus. Looking at some of the specifics revenues were $950 million, which represented a decrease of 6% sequential.Gross margins were 42.3%, a 160 basis points below Q4 well above the TARP we saw in gross margins during the last downturn in 2009. This performance generated an adjusted net loss of $9 million and a loss of $0.04 per share. We did see booking strengthen in the quarter and our Q2 backlog improved over Q1 levels entering Q1 in January.Now Alan will provide additional details.Alan CampbellWell good afternoon and thank you again for joining today’s call. As Rich said, Q1 was challenging while we continued to executing well on gross margins, operating expenses and cash. As I review the financial results in more detail, please note that I will be focusing on the results excluding the impact of sales in one-time items and adjustments. We believe this to be a more meaningful representation of our ongoing financial performance.Please also note that the majority of the purchase accounting adjustments along are highlighted and the adjustment – such adjustments are no longer materially. In addition recalled on the 1st of January of this year we realigned our operations to create two new strategic product groups, Networking & Multimedia Solutions NMSG and Automotive, Industrial & Multi-Market Solutions AISG.
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