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And with that preliminary piece out of the way let me turn the call over to Steve to highlight some of the financial results.

Steve Chesnut

Thank you, Jonathan. Please turn to slide three and let me start with the last bullet point. Net income for the quarter was a positive $470,000 or that was $0.02 per share. This is $8.3 million improvement over last year and it was due to a combination of revenue growth, contribution of margin expansion and lower operating expenses. On the topline, total revenue was $239.5 million, a 2% increase from last year.

Gross margin improved a 110 basis points from Q2 of last year, while contribution increased by 14% to $29.7 million due to a 9% increase in gross profit and a 1% decrease in sales and marketing expense. Combined technology and G&A expense has decreased by $3.9 million due primarily to a reduction in compensation and legal costs.

While we don’t provide it on this slide that we ended the quarter with $60 million in cash and cash equivalents, working capital at the end of Q2 was a negative $7.6 million while working capital at December 31, 2011 was negative $14.1 million, so a nice improvement.

Patrick, with that let me turn the call over to you.

Patrick Byrne

Thank you, Steve. Good morning everybody. Well that was a long time to hold our breath, but I do feel that things we’ve been telling over the last quarter to that we’re turning things around and getting the fly wheels spinning back in the correct direction have come through.

Slide four I am going to be quick like moving through these slides. Quarterly revenue growth slide four, you see we have broken the slide and up a little bit, not satisfactory. The markets growing 12% to 14% in general we say. As I mentioned many times, we think of our growth on as we look at contribution to our growth is what we manage everything there. However, it’s still nice to get our head above water on GAAP record growth, and I think that not everything goes as planned you will that spinning up fairly quickly.

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