I would also like to remind everyone that the results and guidance we will discuss today are from our non-GAAP income statement, consistent with the format we have used in the past. Please refer to our press release within the Investor Relations section of our company website for a complete reconciliation with GAAP.I will now turn over the call to Dave for his comments on the quarter. David Aldrich Thanks, Steve, and welcome, everyone. I'm pleased to report that Skyworks is off to a great start in fiscal 2011. Our strong first quarter results demonstrate solid execution by the entire Skyworks team and illustrate our revenue diversification, technology leadership and our operational focus on improving our financial returns. As specifically during the quarter, we delivered revenue of $335 million, representing 37% year-over-year growth. We expanded our gross margins to 44.7%. We posted operating margins of 27.7%. We improved operating income by 78% year-over-year to $93 million, and we posted $0.45 in earnings per share. At the same time, we further strengthened our balance sheet by retiring our $50 million credit facility. We repurchased approximately 800,000 shares of our common stock, and we still improved our net cash position by $41 million. Looking forward, we are guiding to an excess of 30% revenue year-over-year growth in the March quarter, reflecting substantially better than normal seasonality. This is positioning us for accelerating earnings growth as we enter the second half of the fiscal year. In the December quarter, we continued to benefit from strong underlying demand in the mobile Internet, enhanced by ongoing share gains and by new product mix [ph]. Consumer appetite for anytime, anywhere connectivity continues to grow exponentially. In fact, 2010 holiday sales underscore the strong demand for Internet-connected mobile devices that provide always-on access to social networking sites, gaming, video, music and Web access. Retailers have highlighted mobile devices as a bright spot in consumer spending this past holiday season, and we certainly benefited from this demand. Clearly, adoption of smart phones is happening at an accelerated pace. With a growth rate of at least 4x that of the traditional cellular handset market, these devices represent a compelling value proposition across the supply chain.
Our customers are experiencing brisk sales and keep raising the bar in terms of performance and in terms of capability. And consumers are lining up to get the latest models, and carriers are eagerly pushing and promoting these devices into consumers' hands as expanding mobile data revenues contribute to improving ARPU. Skyworks is in a unique position to capitalize on these healthy market dynamics, based on our unique product offering and our broad customer base. Our products support all smart phone and tablet operating systems including Android, Symbian, Windows Mobile and others.What's more is we believe that the momentum we have seen with 3G-enabled mobile devices will only accelerate with the commercial launch of 4G networks. While 3G exposed consumers to the concept of untethering the Internet, 4G will provide users a truly mobile broadband experience, with speeds rivaling those of the wired Internet. In fact, forecasts suggest that in the coming years, growth in global broadband subscriptions will be dominated by growth in mobile Internet subscribers. By its very nature, 4G is a technology that was developed to provide ultra-high-speed data rates and stream video. In fact, for many consumers, 4G is maybe their only broadband connection. And what's especially exciting here at Skyworks is that 4G devices operate on a new and unique set of frequency bands beyond 2G and 3G, providing an incremental dollar content opportunity and expanding our total available market for years to come. This year's Consumer Electronics Show provided a preview of the pending wave of 4G products that will come to market over the course of 2011, and the rate of availability of these devices exceeding all our expectations. As an example, Verizon, which has already launched its commercial LTE service, plans to add 140 new markets in 2011, and they've recently announced a roster of Skyworks-enabled LTE devices, including smart phones, including tablets and mobile hotspots. Likewise, AT&T is accelerating its own LTE plans, and now it intends to service initial markets later this year, along with 20 LTE devices over the course of 2011. Read the rest of this transcript for free on seekingalpha.com