Before we deliver our prepared remarks, I would like to remind you about our upcoming Investor Day, which will be held Thursday, June 3rd, at the NASDAQ MarketSite in Times Square. For more information, please see the upcoming events page within the Investor Relations section of our corporate website.I will now turn the call over to Bill Noglows. Bill Noglows Thanks, Amy. Good morning, everyone, and thanks for joining us. This morning we announced strong financial results for our second fiscal quarter of 2010. We reported our second consecutive quarter of record revenue, totaling $98.6 million. This record is particularly noteworthy as the March quarter has historically been seasonally soft for both the industry and our company. Additionally, we reported gross profit margin of 50.2% of revenue. This quarter’s results benefited from solid utilization of our manufacturing capacity, continued productivity gains within our manufacturing operations, the integration of our Epoch acquisition, and revenue growth in our CMP pad business. Our revenue this quarter was generally consistent with the monthly trends reported by the large foundries in Taiwan, which included slightly lower revenue in January and February than in the preceding months, followed by an uptick in revenue in March. During the quarter, a number of industry analysts increased their 2010 semiconductor revenue growth estimates from mid-teen to mid-20% growth versus the prior year. Within our business, demand across each major semiconductor segment, logic, memory and foundry, appears healthy as we head into the second half of our fiscal year, which is typically a strong seasonal period. In the short term, we are encouraged by reports of continued strong end-use electronics demand, including a potential boost in corporate IT spending over the remainder of the calendar year, including the PC renewal cycle and Windows 7. Over the longer term, we believe we are well positioned to benefit from capacity additions underway by many of our customers, reflecting their efforts to meet increasing demand. Given the current positive industry indicators and solid near-term forecasts from our customers, we continue to have a strong outlook for fiscal 2010.
We recently commemorated our 10th anniversary as a public company, and it’s interesting to reflect on the changes that have occurred since we went public 10 years ago. At that time, we had 281 employees, demand for our products was primarily driven by US customers, and we reported revenue of $99 million in the fiscal year leading up to our IPO.Since that time, the company has grown to approximately 900 employees, now 80% of our revenue is derived from customers in the Asia Pacific region, and we believe we are on track to exceed our fiscal 2008 revenue level of $375 million, following the severe industry contraction in fiscal 2009. Over the past 10 years, we have steadily built up our infrastructure in Asia so that we now have approximately half of our workforce and assets located in the Asia Pacific region. In addition, we have transitioned to a direct sales model in nearly every region of the world, resulting in much closer relationships with our customers. We have also completed three successful acquisitions, we have maintained our leadership in CMP slurries, and we have become the second largest supplier of CMP pads. While a lot has changed over the years, we have remained dedicated to our primary strategy of strengthening and growing our core CMP consumables business through the execution of our three key strategic initiatives; Technology Leadership, Operations Excellence, and Connecting With Customers. By adhering to our strategy and consistently executing on these three initiatives, we believe we have built a strong foundation for sustainable, long-term profitable growth. Read the rest of this transcript for free on seekingalpha.com