On a non-GAAP basis, tax and other expenses totaled $54,000. These consisted primarily of interest charges, foreign exchange losses, and taxes incurred on our foreign operations. Our non-GAAP net loss was $484,000 or $0.01 per share compared with a net loss of $1.3 million, or $0.04 a share in the fourth quarter of 2009.

Our ending cash position of $18.3 million reflects an increase of approximately $100,000 from the Q4 ending balance. Our cash usage of $1 million during the quarter was offset by the sale of $700,000 shares of TowerJazz Semiconductor holding, which resulted in proceeds of approximately $1.1 million.

While we are optimistic about what the future will hold for TowerJazz, after carefully evaluating our position and considering the very sharp rise in the price of TowerJazz stock, we decided it will be prudent to reduce our risk exposure by selling roughly half our position. As it stands today, we still hold 644,000 shares of TowerJazz, which, at the end of Q1 were valued on our balance sheet as a current asset at $1.1 million.

Our first quarter GAAP net loss was $143,000 or zero cents per share. Our GAAP results include the gain from the sale of TowerJazz shares of 993,000, which was partially offset by the stock-based compensation charges of $652,000. Please see today’s press release for a detailed reconciliation of our GAAP to non-GAAP result.

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