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Echelon's CEO Discusses Q1 2012 Results - Earnings Call Transcript

Before we begin, I'd like to let everyone know that the during the quarter, Echelon will be participating in Deutsche Bank's Clean Tech Conference on May 14 in New York and the Piper Jaffray Internet of Things Conference on June 26 in Chicago. As additional events are scheduled, I will make other announcements.

And now I'd like to remind everyone that during the course of this call, we may make statements related to our business outlook, future operating financial results, accounting matters and overall future prospects. These are forward-looking statements based on certain assumptions and are subject to a number of risks and uncertainties. We encourage you to read the risks described in our press release, as well as in our SEC reports, including our report on Form 10-Q and subsequent reports on Form 10-K for a more complete disclosure of the risks and uncertainties related to our business.

The financial information presented in this call reflects estimates based on information that is available to us at this time. Actual results may differ materially, and Echelon is to undertake no obligation to update or revise these forward-looking statements, and guidance will not be updated after today's call until our next scheduled quarterly financial release.

Now, I'd like to turn the call over to Ron Sege. Ron?

Ronald A. Sege

Thank you, Annie. Good afternoon, everyone, and thank you for joining us for our first quarter conference call. I'll begin with a summary of the quarter's results, and then discuss our business outlook and steps we are taking to improve our cost structure to protect our goal of profitability. Finally, I will give you an update on progress with longer-term strategic initiatives.

Turning to Slide 3. First quarter performance met our expectations on the top line and exceeded on the bottom line. Total revenue was $40.3 million, up 42% year-over-year, with 71% coming from our systems business and 29% from sub-systems. We reached non-GAAP breakeven during the quarter, demonstrating our focus on better expense management and gross margin expansion. We ended the quarter with $58.4 million in cash, which was roughly flat from the previous quarter. We continue to ship products in volume to large utility customers and saw momentum in Brazil and China build, but saw lower revenues from our sub-systems business.

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