So first a little of my background – is 25 years with ANADIGICS – following my initial position with the company back in 1987, I was about 15 years old back then. I held numerous management and executive positions with the company. Most, or some of the people on Wall Street, I believe know me. Hopefully several on the call know me and for those that don’t, you will shortly. But basically, I’m the one that started the Broadband product line at the company, and it continues to be very profitable product line for the company, even today.Broadband which is comprised of CATV, WiMAX, wireless LAN reached its peak back in 2008 at about 104 million. Prior to assuming my current role, I have served as the company’s Chief Technology and Strategy Officer, that was since 2009. I have several technical publications and patents in the area of RF, and I was instrumental in launching our Bi-Fect technology into the latest generation ILV process, and also prototyping of new architectures for the advanced development; some of the products you’ll hear about today. I’m looking forward to leveraging my extensive experience at ANADIGICS in this role as CEO. So, first let’s talk about the first quarter. Our first quarter revenue was in line with prior guidance and the influencing factors contributing to this sequential revenue decline were discussed during the company’s last conference call, so I won’t go into it in further detail. I would like to point out that our top North American wireless customer represented 38% or 16.6 million of our total revenue for the first quarter. This was equal to the same level of revenue that was generated from this same customer during the fourth quarter of 2010. Clearly, ANADIGICS has been confronted with a challenging set of circumstances. As we enter the second quarter, our challenges will continue as we’ll be unable to maintain the same revenue rate from that top wireless customer.
Demand for our WCDMA power amplifiers on existing platforms is winding down, additionally the customer has changed chipset vendors for which our products were not qualified in time for a ramp of their new programs. This will result in a sequential decline in revenue from this customer of approximately 10 million in the second quarter.While we’re working very closely with this customer, and its chipset vendor on next-generation reference designs, and customer platforms, we will experience further reductions in revenue from this customer through the remainder of this year as several of their products approach end of life. This significant quarterly revenue change will make the remainder of 2011 challenging as we work very hard to replace the revenue with new business. Now, having said that, our revenue forecast for the second quarter of 2011 is 35 to 37 million or a sequential decline of 6.5 to 8.5 million. But on a positive note, we’re anticipating an increase in sequential revenue from all of our other wireless key customers including Samsung, ZTE, and LG. In addition, we expect revenue from broadband to increase by approximately 2.5 million, which is about 37% over the first quarter driven by the assumption of growth in our cable infrastructure product line, and I’ll discuss more on that in a few moments. While I’m hopeful that our revenue guidance for the second quarter represents a trough for 2011, we cannot say that with 100% assurance at this time. So as we look in to the second half of 2011, we know that revenue will decline with that North American customer. At the same time, we have multiple products that are expected to be designed into many wireless platforms, which include Samsung, ZTE, Hauwei, which could potentially increase our market share with these customers. Read the rest of this transcript for free on seekingalpha.com