Now I will turn the call over to the CEO of Retalix. Mr. Sheffer please proceed.

Shuky Sheffer

Thank you Michael.

Welcome and thank you for joining us on this call.

This morning we announced our financial results for the fourth quarter and the full year 2011.

We had a strong finish to 2011 recording record revenues in the fourth quarter and strong financial results in all our parameters. This was the eighth consecutive quarter of growth and continued profitability for Retalix.

Revenues increased 16.2 percent in the fourth quarter versus the year-ago fourth quarter to a total of 62.5 million dollars. Net income non-GAAP was up 13.5 percent versus the year ago fourth quarter to 4.5 million dollars.

We continued to achieve good, consistent results and solid execution across the Company. During the fourth quarter we won significant customers and made progress on our programs.

The validation of Retalix 10 as the leading platform for retailers continued to build. In a press release in January we announced that Target Corporation, a leading U.S.-based retailer, selected the Retalix 10 Store Suite as its next-generation store platform for Target's new retail operations in Canada. Included in this program for Target Canada is our software-as-a-service-based connected payments offering, demonstrating our success in integrating our acquisition of MTX into Retalix. Target is a significant new logo for Retalix, and is the Tier 0 win we mentioned on earlier calls. We are very excited to be working with Target, which is one of the largest and most successful retailers in the world, and look forward to building this relationship.

In the fourth quarter we had another Retalix 10 win with a Tier 0 retailer. After an extensive review this Tier 0 retailer selected Retalix 10 because of the significant advantages it offers including the fully integrated multi-channel capabilities, significant reduction in time to market and its advanced architecture.

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