We would like to take this opportunity to remind you that certain statements made during this conference call are forward-looking statements for purposes of the Safe Harbor provisions under the Private Securities Litigation Reform Act of 1995. These statements include beliefs, predictions and expectations related to the Company’s future financial performance, other business and operating metrics, as well as statements regarding the Company’s future plans and operations. They involve a number of risks, known and unknown, that could cause actual results, performance and/or achievements of the Company to be materially different from the beliefs, predictions and expectations discussed on this call. Factors that could cause the Company’s results to materially differ from the forward-looking statements made today and which are incorporated herein by reference are more fully described in today’s press release, as well as the Company’s SEC filings, particularly under the Risk Factors section of the Company’s most recent annual report on Form 10-K. You are urged to consider these factors carefully in evaluating such forward-looking statements and are cautioned not to place undue reliance on them. The forward-looking statements are made only as of today’s date and the Company undertakes no obligation to publicly update them to reflect subsequent events or circumstances.We also will be discussing non-GAAP financial measures, including adjusted EBITDA with the add-back of restructuring and other charges. These items are reconciled to GAAP financial measures in our press release from last week and are posted on the Investor Relations section of our website. I’d now like to turn today’s call over to Eric Narowski. Eric? Eric Narowski Thanks, Mike. Good morning everyone and thank you for joining us. Let me give you a brief overview of our financial performance for Q4 and our full fiscal year 2011. First, for the quarter – Q4 revenue was 45.2 million, up 4% from 43.6 million from last year’s Q4; however, excluding foreign exchange rate differences, Q4 revenue was down 1% compared with last year’s Q4. Our operating loss for Q4 was 4.7 million compared with an operating income of 186,000 for last year’s Q4. Q4’s operating loss included restructuring and other charges of 4.3 million as a result of post-employment obligations to executives exited from the business, headcount reductions in the U.S. and the U.K., and scaling down of our facilities footprint in the U.K., Norwalk, Connecticut, and Portland, Oregon. Q4 of fiscal 2011 had no restructuring or other charges.
Our net loss for Q4 was 5.1 million or $0.09 per fully diluted share, driven in large part by the restructuring and other charges I just mentioned, compared with a net loss of 1.3 million or $0.02 per fully diluted share for last year’s Q4. Bookings for Q4 were 34.6 million compared with 35.7 million for last fiscal year’s Q4. Excluding foreign currency exchange rate differences, bookings were down 10% compared with Q4 of last fiscal year.Non-GAAP adjusted EBITDA with restructuring and other charges added back was 1.5 million for the quarter compared with 2.3 million for last year’s Q4. Cash provided by operations for Q4 was 2.9 million as compared with 4.5 million provided by operations in last year’s Q4. Now for the full fiscal year. Revenue for fiscal 2011 was 165.3 million, down 2% from 168.4 million for fiscal 2010. Excluding foreign exchange rate differences, fiscal 2011 revenue was down 3% compared to fiscal 2010. Fiscal 2011 operating loss was 7 million compared with an operating loss of 523,000 for fiscal 2010. The operating loss for fiscal 2011 included restructuring and other charges of 5.4 million as a result of post-employment obligations to executives exited from the business, headcount reductions in the U.S. and the U.K., and scaling down of our facilities footprint in the U.K., Norwalk, Connecticut, and Portland, Oregon. During fiscal 2010, our operating loss included 623,000 in restructuring and other charges. Read the rest of this transcript for free on seekingalpha.com