In addition, any projections as to the company’s future performance represents management’s estimates as of today, February 8, 2012. Diodes assumes no obligation to update these projections in the future as market conditions may or may not change.Additionally, the company’s press release and management’s statements during this conference call will include discussions of certain measures and financial information in GAAP and non-GAAP terms, including the company’s press release or definitions and reconciliation of GAAP net income to non-GAAP adjusted net income and GAAP net income to EBITDA, which provide additional details. Also, throughout the company’s press release and management’s statements during this conference call we refer to net income attributable to common stockholders as GAAP net income. For those of you unable to listen to the entire call at this time, a recording will be available via webcast for at least 60 days in the Investor Relations section of Diodes’ website at www.diodes.com. And now I’ll turn the call over to Diodes’ President and CEO, Dr. Keh-Shew Lu. Dr. Lu, please go ahead. Keh-Shew Lu Thank you, Leanne. Welcome, everyone, and thank you for joining us today. I’m very pleased to report that Diodes continued with its growth during 2011 and achieved record revenue for the full year. Despite the ongoing uncertainties in the global economy, this past year also represented our 21st consecutive year of profitability. Despite the broad market weakness that began late in the second quarter of 2011, we were still able to gain market share as a result of our past design win momentum and new product initiatives. This weakness was even more pronounced in the first quarter as most of our market segment declined significantly. Revenue in the fourth quarter was $143 million, a decrease of 13% over the prior-year period and 11% sequentially. During the quarter, we continued to shift our product mix to grow our market in commodity products to support the correlation of our install capacity. Gross margin was also impacted by increased price inflation and the decline of weakness in both America and Europe, where our gross margin are typically higher as a compared to Asia.
During the quarter, our productivity and manufacturing efficiencies in our Shanghai facility has recovered to prior data. And we increased our finished goods inventory in advance of the Chinese New Year. However, this collectively did not completely offset the product mix and the price inflation experienced in the quarter.As a result of the current market environment, we are maintaining the cost reduction actions that we implemented last quarter. This includes the delay of capital investments except for those related to new product extension and the copper wire conversion. We have also slowed the pace of building the construction at our Chengdu facility, and now expect completion by the end of second quarter this year. Our decision to increase capacity at our Chengdu facility at both the current pilot line level will depend upon market requirements and improvement in demand. In addition, we are closely monitoring the market environment, and plan to maintain our operating expense controls. As we start the New Year, I believe we are better positioned than we were coming out of 2009’s downturn. With a 50% higher revenue base, a greatly expanded product portfolio and a stronger annualized margin, we are already beginning to see the sign of a slow recovery in our end markets with our first quarter guidance expecting better than typical seasonal payment. We believe this will set the stage for the growth of the remainder of the 2012. With that, I now turn the call over to Rick to discuss our fiscal 2011 and the fourth quarter financial results, and first quarter guidance in the more detail. Read the rest of this transcript for free on seekingalpha.com