During this conference call management may make forward-looking statements within the meaning of the Safe Harbor provided by the SEC for such statements including statements regarding the company’s expected financial position and operating results, its business strategy, its financing plans and the outcome of certain contingencies.These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those set forth or implied by any forward-looking statements and should be considered in conjunction with the cautionary statements included in our press release and our most recent reports containing risk factors filed with the Securities and Exchange Commission, including our most recently filed Forms 10-Q and 10-K. I’ll now turn the call over to the New Frontier Media’s Chief Executive Officer, Michael Weiner. Michael Weiner Thank you Grant and good morning everyone. New Frontier Media finished fiscal year 2011 with a strong balance sheet and achieved many of its strategic objectives during the fiscal year. Within the transactional TV segment we grew our international revenue from 3.6 million in fiscal 2010 to 5.9 million in fiscal 2011 and significantly expanded our international footprint. We expect this new distribution pipeline to fuel our growth for the coming future. Domestically we have made significant progress with three of the top five cable MSOs to introduce lower priced content offerings. This improved value proposition we feel will have a positive impact on purchases. In addition, we continue to take market share from our competitors by creating innovative and appealing new products. As the economy recovers our increased market share and improved pricing should have a positive impact on our domestic results. Within the film production segment we completed several producer for hire arrangements during the fiscal year and expanded our distribution of mainstream content to DOD customers and other retail markets.
We also modified and streamlined the operations of the segment. This will continue to reduce the film production segment’s cost structure. Our fiscal year 2011 achievements have provided us with solid momentum and we plan to build on these accomplishments as we move into the new fiscal year. In preparation for our growth (opportunities) we made meaningful investments in fiscal 2011.For example, we invested in digital storage and distribution equipment as well as a new state of the art facility. These investments are included in the $5 million of property and equipment purchases reflected in our fiscal 2011 cash flows. We also strengthened our operations in anticipation of expanded international distribution by launching new pay per view channels, acquiring additional worldwide content rights and supporting our business development and sales force. We believe the investments we made in fiscal 2011 will provide us with the necessary infrastructure and updated technologies to achieve our future objectives. For fiscal 2012 we plan to continue our expansion of the international business within the transactional TV segment by executing new launches, gaining additional shelf space and generally improving our content performance. We will also be focused on continued efforts to stabilize the segment’s domestic revenue and return it to growth by improving the value proposition of our products. In addition, we will actively explore opportunities to leverage our technology infrastructure and solid relationships with platform operators to develop new content verticals and establish incremental revenue streams for the company. Within the film production segment our objectives will be to maintain the stabilization of the owned content revenue and execute new, multi-episode arrangements with premium movie channels. We will also focus on improving the revenue we generate through the distribution of mainstream films by expanding our distribution into international VOD markets, improving the content performance within the domestic VOD markets and by continuing to generate meaningful revenue through our arrangements with mainstream distributors. Read the rest of this transcript for free on seekingalpha.com