As a reminder ST-Ericsson will host a conference call shortly after the conclusion of our call. Also please limit yourself to one question and a brief follow-up. And now, I’d like to turn the call over to Mr. Carlo Bozotti, Carlo?Carlo Bozotti Well thank you Tait and thank you all of you for joining us today on this call to discuss ST’s progress during 2010 and our goals for 2011. We had our Annual Presentation in Paris earlier today. And I want to thank those of you who also participated to that event. 2010 was a year a records. Record high revenues, the highest turnover sales in ST’s history. Record quarter sales for two product segments and a record year for the full range of our Sense and Power portfolio, advanced analog and MEMS as well as microcontrollers and automotive applications. 2010 was also a year of recovery after the 2009 recession. We achieved a turnaround of more than $1.3 billion in operating income compared to 2009. In these two special years, we made significant progress in improving our financial performance and as a result, we improved our net financial position by $1.7 billion. To achieve these solid results, we focused on four key priorities which I outlined with you at this time last year. First, the market share. We said we would grow faster than our served market. And we did in ACCI and IMS, where in combination we grew 38% in 2010 or about 10 points faster than the estimated market. Second, manufacturing, we said we would increase our total front-end manufacturing capacity in key strategic areas and we did. In fact, we increased our overall front-end capacity by about 20% in comparison to the fourth quarter of 2009. We planned to achieve significant cost reductions in manufacturing and to better serve our customers after having substantially streamline our manufacturing resources. And we did both of these.
Third, ST-Ericsson. We said ST-Ericsson’s restructuring would be completed during 2010 and it was. Finally, our fourth priority was to start to get the deserved from these products and we are. As anticipated 2010 was a very strong ground of the gyroscope. And during Q4, we shipped our billionth MEMS device. It has also been a strong year for microcontrollers, industrial, analog and our automotive products. For example, we are proud to confirm that in 2010, we started volume shipments both of MEM Sensors and of 32-bit microcontrollers for consumer game applications to Sony Computer Entertainment. And we started mass production of the 3 -Axis Digital MEMS Gyroscope for the Samsung Galaxy Tab.So today ST is a much stronger company. As a result of our actions in 2010, ST is significantly better positioned to achieve worldwide leadership in the two application blocks that are a part of our vision, Sense and Power and Multimedia Convergence. And we are well positioned to address the four key growth application areas that we have targeted. Energy Management and Energy Savings, Smart Consumer Devices, Trust and Data Security and Healthcare and Wellness. Now let’s move to our financial performance where we delivered significant improvements all along the year in four major areas, revenue and earnings, financial returns, capital structure and strategic initiatives. First our revenues and earnings. We reached the highest revenue level in the history of ST, a record of $10.55 billion. Our two largest businesses ACCI and IMS have now set two quarters of record sales levels. And both ACCI and IMS achieved a key milestone in 2010 surpassing the $1 billion quarterly revenue threshold. At the bottom line, we delivered earnings of $830 million. Read the rest of this transcript for free on seekingalpha.com