We would like to remind you that during the course of this conference call, Actions' management team may make projections or other forward-looking statements regarding future events or the future financial performance of the company. We wish to caution you that such events -- such statements are simply estimates and actual events or results may differ materially.

We refer you to the documents that Actions files from time to time with the SEC, specifically the company's most recently filed Forms F-1, 20-F and 6-Ks. These documents identify important factors that could cause the actual results to differ materially from those contained in our projections or forward-looking statements.

And now, I'd like to turn the call over to Patricia Chou.

Patricia Chou

Thanks for participating in Actions earnings conference call. We appreciate your continued interest in the Actions. I will provide a business update and discuss financial results for the first quarter of 2011 as well as the expectations for future performance. Niccolo will be available during the Q&A portion of the call, where I will translate from Mandarin to English on his behalf.

First, I would like to discuss our financial results for the first quarter. As a reminder, our financials are reported in accordance with the U.S. GAAP. While the first quarter ended March 31, 2011 we've recorded revenue of $9.4 million compared to $10.7 million in the fourth quarter of 2010.

Our gross margin for the first quarter of 2011 was 39.1% compared to 37.1% for the prior quarter. For the first quarter, total stock-based compensation expense was $0.6 million compared to a credit for the fourth quarter of $0.2 million, which included a true-up of underestimated forfeiture rate.

R&D expense was $5.1 million or 54% of revenue for the first quarter compared to $4.4 million in the fourth quarter, which included the impact of the true-up of underestimated forfeiture rate. We anticipate our R&D expense to continue to represent a high percentage of revenue as we increase R&D talent to focus on our diversified product development initiative.

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