We've also announced our financial results for the second quarter and I'll talk about the period's main drivers, then later in the call, I'll discuss ModusLink's go-forward plans. Revenue in the second quarter was slightly higher than our expectations. We saw improved volumes from certain client programs with our base business and we continue to grow revenue from new programs as a result of our sales and marketing initiatives. However, we continue to experience the headwinds we've described in recent quarters and our revenue mix in the second quarter was less profitable than we expected. Our results this quarter also include impairments charges, which we'll discuss in a moment.

We have a lot of work in progress to put ModusLink on a trajectory of sustained growth in revenue and profits, and today, I'll talk about many of the actions we're taking to get that done. Regarding revenue for the quarter, I'll start by discussing the revenue from new programs, which consists of client programs we've been executing for less than 12 months and then I'll go on to revenue from our base business, which consists of programs we've been executing for 12 months or more.

Revenue from new programs was up 71% and was at its highest level since the July 2009 quarter. This was primarily due to programs secured in prior quarters that were the direct result of our sales and marketing initiatives. We are winning new programs, and clients are recognizing the value of our outsourced supply chain solutions. We're encouraged by our progress as we work to build back to the record revenue from new programs that we achieved in fiscal 2009. We believe that level is needed to achieve sustainable growth and consolidated revenue. Our pipeline of opportunities continues to be robust and we expect revenue from new programs in fiscal 2011 to be significantly higher than the $80 million we achieved in fiscal 2010.

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