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FEI Company's CEO Discusses Q1 2012 Results - Earnings Call Transcript

While you are pulling up the slides and before we get to the presentation, we also have to take care of the regular housekeeping matters. This call contains forward-looking statements to the extent that we discuss expectations about future corporate financial performance and goals, expected gross margins, future customer orders, performance by product and market, the outlook for margins and revenue, market developments and opportunities, future products, and technological developments, the effects of future movements in the exchange rates, future hiring plans, expected government spending for research tool, our expected effective tax rate or other future events and plans. These statements are considered forward-looking subject to risks and uncertainties that could cause our actual results to differ from the forward-looking statements made.

These and other risk factors are cited in today’s press release on slide two of the slides posted on this call and in FEI’s most recent 10-K, 10-Q and 8-K documents and other filings with the SEC. Investors are urged to read these documents. Copies of the SEC filings are available free of charge on the commission’s website at sec.gov or on our website or from our Investor Relations department at 503-726-7710. The company assumes no duty to update forward-looking statements set out in those documents or made on this call. This call is the property of FEI Company. It will be archived in the Investor Relations section of our corporate website at www.fei.com.

Now, I’ll turn the call over to Ray for a review of the results and then Don will give you the view of our markets, the outlook and the business environment.

Ray Link – Executive Vice President and Chief Financial Officer

Thank you, Fletcher, and good afternoon, everyone. We had a solid quarter and the numbers are straightforward. The highlights on slide three are revenue and bookings were the highest for any quarter in our history. Bookings were above our guidance and the book-to-bill was above 1 to 1. GAAP earnings were right in the middle of guidance and our balance sheet remained strong even as we put cash to work in the past quarter. We have now recorded 24 consecutive quarters or 6 full years of GAAP profit, demonstrating consistency over the long-term in varying economic environments.

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