These and other forward-looking statements involve assumptions, risks and uncertainties that could cause actual results to differ materially. For a discussion of these risk factors, you should review the forward-looking disclosures in the earnings release we issued today as well as the risk factors and other disclosures in OmniVision’s SEC filings and reports, including the most recent annual report on Form 10-K and recent quarterly reports on Form 10-Q.
During today’s call, we will also discuss certain GAAP and non-GAAP financial measures, the latter of which excludes stock-based compensation expenses and related tax effects. A reconciliation between the two is available in our earnings release posted on our website.
With that, I’ll now turn the call over to Mr. Shaw Hong. Shaw?
Shaw HongThank you, Mary. And welcome to all of you joining us on the call and webcast. Earlier this afternoon, we issued a press release describing our results for the first fiscal quarter of 2013. For those who have not read the release, I will provide you with a recap of our financial results. In Q1, we recorded revenues of $258 million and we shipped $166 million image sensors. On a non-GAAP basis, gross margin was 19.5% and net income was $11.6 million or $0.21 per diluted share. Our cash balance decreased by $94 million to $237 million and our inventory balance increased by $112 million to $403 million. These were results of a strategic decision to build inventory to support our fast growing business in the face of strong seasonal demand. Before I turn the call over to our management team to provide details on our Q1 financial results and our outlook, I would like to make a few comments of my own on the quarter and on our expectation to the seasonal cycle this year. First, I am pleased to report that for the third consecutive quarter, we have exceeded the high end of our revenue guidance. More importantly, we have continued to raise the bar on our outlook for the next quarter and we have increased it by a significant degree. Based on our current visibility, we believe our first fiscal quarter is indicative of a strong seasonal cycle for fiscal 2013 and I am excited about the market opportunities available to us.
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