These and other factors are discussed in our press releases and in the company’s filing with the SEC. We encourage you to read these documents and to come to your own conclusions about the risks and uncertainties inherent in Trident’s business.Also please note we will present non-GAAP financial information in this call. For a reconciliation of our non-GAAP information to the most comparable information under GAAP, please refer to our earnings press release. On today’s call are Philippe Geyres, Trident’s Interim CEO and Pete Mangan, Trident’s Executive VP and CFO. Pete will review the financial results for the quarter and Philippe will follow with further discussion of Trident’s business. Finally, Pete will provide guidance for the second quarter of 2011, and we will then open the call for questions. Now I will turn the call over to Pete Mangan. Pete. Pete Mangan Thank you John. Welcome everyone and thank you for joining the call today. Although financial results in the first quarter generally met or exceeded guidance, our level of performance in Q1 was disappointing but consistent with the challenging first half we described on the last call. For the first quarter of 2011 net revenues came in at 88.3 million, down 26% from a $118.6 million in Q4. TV products totaled $56 million in the quarter, down from $76 million in Q4; set top box revenues in the quarter were 32 million, down from $43 million in the prior quarter. The decline was consistent with our expectations based upon the previously discussed TV SoCs and FRC market share losses, a seasonally soft first quarter and the wind-down of certain legacy programs prior to the ramp of new products expected in the second half of the year. Revenue for the quarter was slightly better than our guidance as we saw orders pulled in from Q2 based upon global supply chain concerns. By category, TV discrete products represented 39% of sales followed by set-top box at 36% and TV SoCs at 25%. All consistent as a percentage with Q4.
Looking at sales by customer, Philips was our number one was 16% and Samsung represented 10% of our revenue as volume shipments of TV SoCs ended in the quarter. Geographically, EMEA represented 34% of revenue, APAC, 31%, Korea 21%, Americas 8% and Japan 6%. For the distribution channel, revenues in the quarter were 34% of the total compared to 32% in Q4.ASPs for the quarter, were $2.93, down 10% from Q4 reflecting a temporary shift in mix to lower price legacy products. Non-GAAP gross margins at 32.9% were up five points from Q4, resulting from a richer mix of TV SoC and legacy set-top box products. Non-GAAP operating expenses for the first quarter were $51.3 million down approximately 8% from $55.9 million in Q4. Going forward, we expect to continue to reduce operating expenses consistent with our on-going integration plans. Our non-GAAP operating loss for Q1 was $22.2 million, down slightly from Q4. The non-GAAP net loss was $22.4 million. GAAP net loss for the quarter was $40.8 million and includes $18.4 million of GAAP adjustments. This includes amortization of intangibles of $7.2 million, restructuring of $4.7 million and stock compensation and other of $2.5 million Read the rest of this transcript for free on seekingalpha.com