Before proceeding with the call, I would like to remind everyone that this call is being recorded and that the discussions today will contain forward-looking statements, including the company's plans and expectations for the continuing development and commercialization of our Fuel Cell Technology. I would like to direct listeners to read the company's cautionary statement on forward-looking information and other risk factors in our filings with the U.S. Securities and Exchange Commission.
Now, I'd like to turn the call over to Chip Bottone. Chip?
Arthur A. Bottone
Thank you, Kurt. Good morning, everyone, and welcome. I ask you to please turn to Slide 4 of the presentation entitled Second Quarter 2012 Highlights.We continue executing on our path to profitability and global strategy for growth, making measurable progress on major strategic initiatives on 3 continents.Cost reduction efforts and streamlining certain aspects of our business over the past year allowed us to break even at the gross profit level this quarter despite lower revenue year-over-year the gross margin improvement of $2.3 million on adjusted basis. This enhances our confidence in gaining profitability.Our business model transformation is progressing to diversify our revenue streams, internal [ph] costs and reduce the capital intensity of our business while expanding our global footprint. Continued execution of our strategic initiatives will provide expanding order growth from the growing demand in Asia, market development actions in Europe as well as resurgence of the U.S. domestic market.Our cash position is strong, nearly $100 million in the lower burn rate, which is both critical and comforting to prospective customers and project investors, particularly for multi-megawatt projects that will be operating for 1 or 2 decades.I will discuss our strategy and results in more detail after Mike Bishop, our Chief Financial Officer, reviews our financial results for the quarter. Mike?
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