Before we get started, I would like to remind you that some topics to be discussed today that do not relate to historical performance may include or constitute forward-looking statements within the meaning of the federal securities laws and are subject to risks, uncertainties and other factors that could cause actual results, performance or achievements of the company to be materially different from those expressed or implied by such forward-looking statements. Certain of the risk factors, which could affect the company, are set forth in the company’s 10-K and other filings.
With that said, I’ll now turn the call over to Mr. Scott Petersen.
Thank you, Ann. Good afternoon, everyone. During the quarter we made continued progress on our strategic initiatives, which are focus on diversifying our revenues and expanding our business opportunities.Sometime the progress on these types of initiatives are not obvious on the face to financial statements. So I’d like to provide the following framework as you consider our first quarter performance. First, our topline revenue was up 12% versus last year. Our guidance for 2012 was anticipating reduction as room base was about 12% smaller and it was one year ago. On the per room basis revenue we generated for hospitality room was off about 1.5% for $0.32 per room per month as compared to last, which I think is a decent result overall given that guest entertainment had a challenges during the quarter, volume was off about 11%. I’d like to note that we don’t take this lightly and we have a proactive action plan underway to evaluate all aspects of these business and bolsters performance, and I will give you some more details on this in a few minutes. On a positive note, our strategic revenue diversification initiatives continue to deliver results. On a per room basis diversified revenues were up 10.8% over last year, so the bottom line is our efforts to broaden the services we are offering and the revenue we are generating is continuing to work well for the company, and is offsetting most of the challenges we are experiencing from our traditional revenue source.