Let me begin by providing some financial highlights for F4Q. Revenue for the quarter was $179 million, and our non-GAAP gross margin exceeded expectations at 26%. During the quarter, revenue recognition of one significant low-margin deal slipped in F1Q. This caused F4Q revenue to be at the low end of our guided range and also led to higher than expected gross margin. Cash increased by $16 million in the quarter, reflecting improvements in working capital and positive adjusted EBITDA performance.Overall, our results in F4Q are a clear indication that are fundamental business is solid and improving. Although we still have challenges in front of us, including working through the remainder of the low margin deals that I discussed last quarter we believe we’re on the right path. With that as a backdrop I’d like to move towards our strategic plan and the steps we are taking to enhance our customer value proposition and long-term profitability.
Silicon Graphics' CEO Discusses F4Q 2012 Results - Earnings Call Transcript
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