These forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those anticipated by these statements, are based on our current expectation, and we assume no obligation to update them. Information about these risks is noted in the earnings press release on slide 12 of this presentation and in the Risk Factors and MD&A sections of our latest annual and quarterly reports filed with the SEC, as well as in our other SEC filings. Investors are cautioned not to place undue reliance on these forward-looking statements.Throughout this conference call, we will reference both GAAP and non-GAAP financial measures. Please refer to the schedules to the earning press release and the GAAP versus non-GAAP reconciliation in the Investor section of our website, which contain the reconciliation to the most directly comparable GAAP results. I will now turn the call over to Paul. Paul Read Thank you, Warren, and welcome, everyone. Today, I will summarize the highlights of our financial performance of the first quarter of fiscal 2011, and Mike will provide additional insights on our current business trends including our guidance for the second quarter of fiscal 2011. Please turn to slide three. First quarter revenue came in at $6.6 billion, which was at the high end of our guidance range of $6.1 billion to $6.6 million and represented a healthy 11% sequential increase in sales. We saw solid sequential growth across our entire portfolio of businesses driven principally by new outsourcing programs with both new and existing customers, plus more favorable, seasonable trends from our mobile, consumer and computing businesses. This strong growth performance was achieved in the face of continued components supply constraints across various component types, which we estimate impacted our revenues for the June quarter at the high end of the range of a $200 million, which was in line with what we had initially anticipated and fairly consistent with the impact last quarter. Mike will cover the impact of component shortages in our view of supply chain more detail later.
Adjusted operating income was $190 million, up $20 million or 12% sequentially and more than doubled the $90 million of a year-ago. GAAP operating income which includes stock option expense was a $175 million, up $40 million or 30% versus the prior quarter and substantially above the year-ago levels of $10 million.Adjusted net income for the first quarter was a $154 million, increasing 18% sequentially from our fourth quarter and more than doubling from $63 million a year-ago. GAAP net income which includes the impact of intangible amortization was a $118 million, nearly twice the $60 million of last quarter and significantly above the GAAP loss of a $154 million a year-ago. Full translates to adjusted earnings to diluted share for the June quarter of $0.19, which was at the high end of our EPS guidance of $0.16 to $0.19 and was above $0.16 or 19% above last quarter and well above the $0.08 of a year-ago. GAAP EPS was $0.14 doubled the $0.07 last quarter and well above the GAAP EPS loss of $0.19 from a year-ago. Please turn to slide four. Adjusted SG&A expense totaled $184 million in the quarter, up $12 million sequentially and $14 million year-over-year on revenue increases of $626 million and $783 million respectively. Despite the SG&A dollar being slightly above our expected range, we recognized economy for scale within our SG&A, as we leverage our adjusted SG&A percent of revenue down slightly 2.8% from 2.9% last quarter and a year-ago. While we would expect the SG&A dollars to increase as we rapidly grow our top line sales, we remain confident that we can still drive further leverage in our SG&A as a percentage of sales. Our adjusted operating margin was 2.9% and showed a significant 130 basis points improvements from 1.6% last year, driven by cost reductions and revenue expansion. Our components businesses remain below normalized operating profit performance level during the June quarter, as both camera modules and power continued to work through high volume product ramp challenges.
We experienced improvement in Multek, our printed circuit board business during the quarter and see significant year-over-year growth in this business for the remainder of the year. We expect increased contribution from our components businesses as a whole as revenue continues to be strong and as we work through the current program ramp challenges we are facing.Our EBITDA rose $189 million in the June quarter, up 9.5% from $264 million in the prior quarter. Our EBITDA grew to roughly $1.1 billion on a LTM basis. Year-over-year our EBITDA grew more than a $100 million from a $184 million in the year-ago quarter. Our adjusted EPS rose to $0.19 from $0.16 in the prior quarter, an increase of 19%. It was more than twice the $0.08 we earned a year-ago. Read the rest of this transcript for free on seekingalpha.com