Michael A. Bradley
Good morning, everyone. Thanks for being with us again today. As you can see, we're off to a very strong start in 2012, with nearly $400 million in first quarter revenues and a projection for $100 million or more in revenue growth in Q2.
This will be the second quarter in a row of adding about $100 million to the top line, and represents just over 70% growth off the Q4 2011 trough. And with it, we'll post our best first half totals in nearly a decade.
Obviously, a piece of this momentum comes from the SOC sector, which is rebounding from last year's second half pullback. This market recovery will lift all boats to some degree. But I want to emphasize the 2 or 3 main stories behind these growth numbers that we are seeing, which are unique to us.
First, our focus on the complex SOC chips within the wave of new mobility products is producing unprecedented demand for our UltraFLEX system. The chip coverage we have in the latest smartphones and tablets have fueled a sharp increase in demand for testers that cover baseband processors, wireless connectivity chips and power management ICs.
Just about 90% of our SOC bookings increase in Q1 was accounted for by this upsurge in UltraFLEX demand.
Second, our storage test product line will post first half revenue numbers nearly equal to the second half of last year, which was itself a half-year record. So the market acceptance of our 2.5-inch drive test product remains broad and strong.
And third, we'll have very good growth from LitePoint as they outpace the market in end product wireless test.
In addition, we'll continue to get steady top and bottom line performance from our defense, our board test and our memory test units.
Obviously, back-to-back quarters like we're seeing will stir questions about both the near and long-term sustainability of what we're seeing.