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In addition, reference will be made to non-GAAP financial measures. Information regarding the reconciliation of the non-GAAP and GAAP measures can be found in the press release that was issued this afternoon on our website on the IR section at www.efi.com. There are also slides available there that corresponds to today’s comments.I’ll now turn the call over to Guy Gecht. Guy? Guy Gecht Thank you, JoAnn. Good afternoon everyone and thank you for joining us today. At the $163 million Q4 represents the highest quarterly revenue EFI has ever recorded and our eight consecutive quarter of greater than double-digits growth. Perhaps this number is most meaningful, because we have continued this core play as we move fast to easy compared quarters when the industry was just beginning to recover from the recession. And despite concerns about the softening economy we delivered 12% top line growth in the quarter, but it's not just the top line. In the fourth quarter we saw about 48% increase in operating income and 29% increase in non-GAAP EPS despite the negative currency impact. So, we are not just generating more revenue we are dropping more and more away to the bottom line. We are particularly excited about the record Inkjet and APPS revenue, delivering record revenue in the softer and the inkjet part of our business highlight the progress we have achieved in balancing the revenue drivers of the company. And while Fiery segment had a challenging compared to the prior year as Q4 2010 included the initial revenues from product launches by a number of our partners and perhaps more favorable macro conditions a year ago. We were able to see modest growth in the segment and expect normal seasonality in Q1. This relative stability would not have been possible if it wasn’t for the disciplined approach we implemented to carefully monitor our partner’s inventory levels and adjust for changes based on those results.
Before we turn our outlook for 2012, I wanted to quickly review some of the highlights for 2011. Beginning with how pleased we are with the 17% growth following a 2010 that benefitted from the economic rebound. In 2011, we grew our operating profit by 93% and EPS by 90%, and delivered solid cash flow from operation. Clearly the strategy of focusing on the transformation of analog to digital printing in the growth segment of printing coupled with a solid execution by EFI team.We also delivered on our commitment to bring our Industrial Inkjet segment margin to its 40% target and are now beginning to see the benefits of the new products introduced during 2011 including strong initial orders for our new LED based gun format printer. And as we have discussed color print expands the opportunity for Inkjet ink increasing both the time along with the opportunity to introduce the full EFI ecosystem in the future including ink. We are off to a solid start with color print revenues projected to grow in Q1 at the high end of 5 to 7% revenue guidance. And we are confident than past the initial month of integration, the addition of Cretaprint's line of printers will add to EFI’s profitability in 2012. The 41% growth in our APPS business this year is particularly gratifying, coupling solid organic revenue growth with few strategic tuck-in acquisitions, we are pleased with the result and momentum in this segment. In addition to its solid contribution to EFI’s growth and profitability our business process automation software providing a Fiery and Inkjet product portfolio with a unique advantage when selling through over 25,000 customers in our APPS install base. The outstanding growth in APPS in contributing to our ever increasing recurring revenue stream between maintenance contracts and subscription, similarly our solid growth in Inkjet printers is also contributing to recurring revenue as it drives increased ink sale. In Q4 we posted over 20% growth in UV ink volume for the ninth consecutive quarter. The combination of increasing ink sale and growing of software install base is having profound impact on EFI’s business and it's another reason to celebrate the record results in the Inkjet and APPS segment. Read the rest of this transcript for free on seekingalpha.com