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May 8, 2012 5:30 p.m. ET
M. Ali Khatibzadeh – President and Chief Executive Officer
Robert A. Bosi – Vice President and Chief Financial Officer
Richard Shannon – Craig-Hallum
Kevin Cassidy - Stifel Nicolaus
Drew Burke - Gameplan Financial Advisors
Paul Berghaus - Cornerstone Asset Management
Good day everyone and welcome to the TranSwitch first quarter 2012 earnings release conference. [Operator instructions.] At this time, for opening remarks and introductions, I will turn the call over to TranSwitch Chief Financial Officer Robert Bosi. Please go ahead Mr. Bosi.
Thank you and good afternoon. With me today is Dr. Ali Khatibzadeh, our president and CEO. This call will include forward-looking statements that involve risks and uncertainties that could cause TranSwitch's results to differ materially from management's current expectations. We encourage you to review our Safe Harbor statement contained in the earnings release published today, as well as TranSwitch's most recent SEC filings, for more complete descriptions.
With that said, I'll turn this over to Ali for his thoughts on the quarter, and I'll come back and discuss our financial results. Ali?
M. Ali Khatibzadeh
Thank you and good afternoon. It was quite a difficult revenue quarter. I do have a lot of good news to report today, but let’s start with the disappointing Q1 results.
Revenues for the quarter were just $3.7 million, a significant decrease both on a sequential and a year over year basis. Product revenues declined from $5 million in the fourth quarter to $3.2 million in Q1, as sales of legacy telecom infrastructure products continued to decline.