For more information on the risk factors that could cause actual results to differ from this forward-looking statements, please refer to Active’s filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the year ended December 31, 2011 and its current reports on Form 8-K filed since then.
Active Power assumes no obligation to update any forward-looking statements or information, which are in effect as of respective dates. I would like to remind everyone that this call will be available for replay via Active Power’s website at www.activepower.com.
I would now like to turn the call over to the President and Chief Executive Officer of Active Power, Mr. Doug Milner. Sir, please go ahead.
Doug MilnerThank you. Good afternoon everyone and thanks for joining us today. Earlier today, in fact just a short while ago, we issued a press release announcing our results for the first quarter of 2012. We started off 2012 with a solid quarter generating revenues of $19.8 million. This represented a record first quarter for us and our second highest revenue quarter overall. Our gross margin improved to 27% from 20% in the previous quarter. This was due to more favorable margins in our UPS business as well as improved execution and better pricing in our solutions business. As you may recall these were two of our key priorities. To take us through the financials, the financial details for the quarter, I’d like to turn the call over to our Chief Financial Officer, John Penver but just before I do that I’d like to express everyone how pleased I am to be with Active Power. This is a unique company, built on a foundation of highly differentiated technology and backed by a passionate group of people. From our Board of Directors to our management team and employees, everyone works together as a team to bring ingenuity and a positive whatever it takes attitude to meeting customer needs.