I'd now like to turn the call over to Mary Puma.
Mary G. Puma
Thank you, Amy. Axcelis managed well through what turned out to be a more difficult quarter than anticipated. Like others in the industry, our second quarter started off with much promise, showing signs of an industry recovery. Very late in the quarter, as global economic conditions stalled, we, along with our peers, found ourselves facing much more challenging industry condition.
Cautious customers load their build plans and held back on placing planned orders, actions that impacted both our equipment and the aftermarket business. Despite this, we were able to deliver break even profitability with a slight miss in revenue guidance.As many of our peers have reported, Q3 is shaping up to be a difficult quarter, although meetings at SEMICON West and several recent trips to Asia and Europe confirm that the longer-term outlook for the industry is positive. Our goal is to leverage future market strength. And as such, we remained focused on positioning our products for top line growth. At the same time, we recognized the need to continue to reduce our quarterly break even revenue level and fortify our cash position. Jay will get into more detail on this in a few minutes. Our plan in 2012 is to continue to extend the reach of the Optima HDx beyond memory and into logic and foundry. The natural extension will be a key driver of improved market share in the future. Evaluations for the Optima HDx that logic and foundry customers are proceeding. We continue to demonstrate competitive advantages with our cost-effective damage engineering solution and our superior extended Eterna ELS3 source lifetime for carbon and germanium. In fact, in the field, the ELS3 source exceeded its pec [ph], clocking in over 500 hours of uninterrupted carbon implants. This resulted in more than a 100% advantage over the competition. Together, the ELS3, with Linde SPECTRA Solifex gas delivery system, provides chipmakers increased system availability, higher overall productivity and lower cost of consumables, all translating to a compelling cost of ownership advantage. We were also very pleased about shipping our new medium current system to a large customer in Asia for evaluation, where it will be used to manufacture next-generation 2x nanometer Flash devices.