Now, I will turn the call over to our CEO, Nick Konidaris.Nicholas Konidaris Thank you Brian. Good afternoon and welcome to our first quarter conference call. This was a very good quarter for ESI. We saw a strong demand across all our product categories. Revenue more than doubled from last year and we generated excellent operating cash flow. In addition, we began to see activity in our memory repair business. Our products continued to gain our share in key accounts and we recently launched the first of several new products this year, the 9900 ultra-thin wafer dicing. However, gross margins and offer (ph) stability were impacted by unfavorable mix towards older products and sales of existing finished goods of inventory particularly memory repair. Revenues for the quarter were $58.5 million, down slightly from last quarter. Non-GAAP earnings per share were $0.03. Paul will go into more detail around the financials in a moment. We generated $64 million of orders, compared to $54 million last quarter. The increase was driven by demand for memory repair systems as we saw orders from multiple customers. We’re pleased that after the long drought we are beginning to see the memory market investing again in repair. We also saw strong results in flex interconnect, passive component test and LED wafer scribing. And we received several follow-on orders for our advanced micromachining products. Revenues in our semiconductor business were $90 million, up dramatically from last quarter and last year. The key driver of cost was a return of our memory repair business which accounted for over $10 million in revenue. In addition, in our LED business we saw strong revenues as we have acceptance of several AccuScribe Systems and one large comparative order in China. Looking forward in our semi business. We expect to see a continuing improvement in the memory repair market driven by strong growth in PCs, servers and smartphones. In addition, all of our customers have recently announced increases in capital spending related to memory. Although all the quarter levels maybe choppy over the next few quarters as customers begin to up capacity and implement new technology. We are confident this will once again be a healthy long-term business for us.
Separately, we expect the LED scribing and LCD repair businesses to remain solid. We are also excited to enter the silicon wafer dicing market with introduction of our new model 9900 ultra-thin wafer dicing system which we announced two weeks ago. This system solves a fundamental problem plaguing the industry as it moves to our three dimensional packaging and stacked dice.On still to-date that has been no effective solution to dice wafers that are thinner than 50 microns. Our model 9900 is specifically targeted for this application and it moves the aside into attractive adjacent market. Customers are currently evaluating the 9900 for new 3D applications and we expect to see meaningful progress later this fiscal year. Our interconnect and micromachining group had another strong revenue quarter at $21 million after record setting revenues last quarter. With NIMG (ph), revenues in our flex interconnect business were particularly strong driven by continuous robust seasonal demand. In addition we saw customer acceptance of our new 5330xi which provides faster throughput and higher accuracy for SAB (ph) 70 nanometer VS. Looking forward we expect this business to continue to perform well driven by strong growth in consumer electronics. We also had another good quarter in our advanced micromachining business. We received follow-on orders for the 5900 in multiple applications and received many additional opportunities for this platform in the future. We’re excited about our long-term growth potential as we expand our capabilities in glass, new generation PCBs and 3D devices. Read the rest of this transcript for free on seekingalpha.com