Overall, we were pleased with our financial performance for Q4, and encouraged that we saw positive momentum from the second half of this year and into the new year, 2011. Consolidated revenue for Q4 was up 12% over prior year levels, on the strength of revenue growth of 27% in our international business and a 5% net increase in revenue in our North America segment. Year over year growth in the international business for the quarter was driven by a solid 23% increase in units, as our licensees return to historical buying patterns after a very difficult year in 2009.For the full year in 2010, revenue in our international business segment was up 30% over prior levels, with strong performance throughout the year. Our business in Italy demonstrated continued growth, with revenue up 59% over prior levels for Q4, and up 89% for the full year. We added another 2200 new subscribers during Q4, and closed out the year with approximately 13,000 total subscribers in Italy. Turning to the results in our North American segment, revenue for Q4 increased 5% over prior year levels, at an increase of 8% in the US was partially offset by a 12% decline in our Boomerang business in Canada, as we continue our integrated efforts there. Our revenue growth in the US was driven by an increase in units of more than 15% over prior year levels, as retail auto sales in the US reflected strong growth for the quarter. While a 15% increase in LoJack units sold in the US market matched our strongest relative performance for the year, it trailed down to broader auto domestic market for the quarter, as we were negatively impacted by a shift in historical brandex, with our most successful brand experiencing slower growth rates than the other brands. In response, we’ve developed and are investing in new programs to address the pressing need that auto dealers have to generate new sources of sustainable income in an increasingly competitive market place.
Our new sales programs will be rolled out to targeted dealers in 2011, with a specific goal of grabbing deeper penetration, increased profitability, and developing stronger, long term relationships with our dealer base. Looking at our bottom line financial performance, our profitability and strong cash flow in Q4 reflect the aggressive steps we have taken to resize the business in a new global auto market. As a result of these actions, OpEx for Q4 were down $3.4 million from prior year levels, and contributed to an increase in operating income of $5.6 million over prior year levels for the quarter.Net income in Q4 was $2.8 million or $0.15 a share, compared to a net loss of $2.3 million in 2009. In addition, we generated more than $14 million of operating cash for Q4, as careful management of the balance sheet, combined with a tax refund of almost $8 million enabled us to end the year with a cash balance of almost $52 million. With that, I’ll turn the call over to Tim. Timothy O’Connor Thank you Rich, good morning everyone. As I review our Q4 financial results, all comparisons will be against Q4 2009 unless otherwise noted. Consolidated revenue for the quarter increased 12% to $40 million over the prior year. Within our North American segment, US revenue increased 8% on a unit shipment growth of 15% compared to the prior year. Consistent with previous quarters, our bulk install programs have continued to grow, with a mix level of bulk installs reaching 29% versus 19% in Q4 2009. Read the rest of this transcript for free on seekingalpha.com