We refer you to the documents that the company files from time-to-time with the Securities and Exchange Commission, specifically the company’s most recent Forms 10-Q and 10-K. These documents identify important factors that could cause the actual results to differ materially from those contained in our projections or forward-looking statements.With that said, I’d like to now turn the call over to Analogic Tech’s President, CEO and CTO, Richard Williams. Richard Williams Thank you, for joining us today as Analogic Tech reports its second quarter 2010 results. During the call, I will provide a brief recap of the business highlights. I will then turn the call over to Brian to review the details of our financial performance followed by guidance for the third quarter. We will then open up the call to your questions. Our second quarter results were in line with expectations. Revenue was $23.1 million, which represents a slight year-over-year increase and a 6% sequential increase. Net loss for the quarter was $3.9 million or $0.09 per share on a GAAP basis. On a non-GAAP basis, net loss was $2.7 million or $0.06 per share. Once again, we experienced the strongest sales increases in Taiwan and China. Sales increased 44% sequentially in Taiwan primarily due to increased shipments of our camera flash products to support Google-Android OS-based phones as well as increased sales to Broadcom Wi-Fi Solutions. In China, we experienced increased demand for our voltage regulator and interface products for both local handset and major international brands. Sales to Samsung and LG in Q2 represented 28% and 17% of total revenues, respectively. As anticipated, continued growth in Taiwan and anticipated seasonal declines in Korea handset revenue reduced sales concentration in these two customers. We expect robust growth for our Korea customers to resume in Q3. Our design win momentum continues across a broad portfolio of handsets of Samsung, including Fascinate, Vibrant, Captivate, Epic 4G and the exciting Galaxy line of smartphones. Our new content includes a dynamic buck regulator for improving the efficiency of 3G RF power amplifiers and an expanding line of high current LED camera flash and backlight drivers.
Additionally, Samsung’s new Galaxy tablet employing varying combinations of Analogic Tech power management solutions including switching voltage regulators, power saving smart switch products to extend battery life, LED backlight drivers, dynamic buck regulators for powering RFPAs and the compact five-channel mini-PMU integrating one switching and four linear regulators used to power the camera module.At LG, ongoing sales cover a wide range of models including Pop, Chocolate, Remark and Accolade. We received our first orders for charge pump based LMUs integrating LDOs and backlight drive with power saving dynamic brightness control and ambient light compensation. These LMUs are expected to ramp significantly in Q3. We commenced developing a boost-based second generation LMU for driving larger displays. We continue to gain traction outside of Korea with our products targeted at smart phone applications including high-current LED camera flash, overvoltage protected safety switch products and a protection smart switch for car kit adapters. We also began sampling our most highly integrated PMIC to date comprising an overvoltage protected switching charger, a USB on the go switching regulator, an LED backlight driver capable of powering a string of up to eight LEDs and a precision monitor for fuel gauging. We introduced and commenced production of a pioneering 1 ampere second generation PA buck micro switches at a major Japanese cell phone manufacturer, comprising the industry’s first micro inductor designed for high volume manufacturing. We also received our first order for a 2 amp-switching charger and completed design of a new generation low noise overvoltage protected switching charger. During the second quarter, our product development momentum continued and we introduced an impressive 25 new products comprising 9 platform and 16 derivatives; 13 of the new products use our Modular BCD technology. In the second quarter, Modular BCD remained a strong percentage of sales at 26%. We currently have 35 Modular BCD products in development including our first product integrating a newly released power shot key dial. Read the rest of this transcript for free on seekingalpha.com