Before we begin, I would like to remind everyone that today's call contains forward-looking information, including guidance we provide about our future revenue, gross margins and other financial measures and anticipated trends in our target markets. We caution you that the forward-looking information that we present today is based on our current beliefs, assumptions and expectations, speak only as of today's date and involve risks and uncertainties that could cause actual results to differ materially from our current expectations.Other risk factors that may affect our business and future results are detailed from time to time in Sigma's SEC reports, including Sigma's quarterly report on Form 10-Q as filed with the SEC on September 8, 2011. A partial list of these important risk factors is set forth at the end of today's earnings press release. Sigma undertakes no obligation to revise or update publicly any forward-looking statement except as required by law. In addition, during today's call, we will be including certain financial information on a non-GAAP basis, such as non-GAAP net income, which excludes certain costs and expenses. These excluded items are described in more detail in today's earnings press release along with a detailed reconciliation of our GAAP to non-GAAP results. And with that, I'll turn it over to Tom. Thomas E. Gay Thank you, Ed. For the fourth quarter of fiscal 2012, revenue was $35.6 million, a decrease of $4.1 million or 10% compared to $39.7 million in the previous quarter. Compared to the year-ago quarter, our revenue decreased $35 million or 50% from $70.6 million. Our revenue breakouts for the quarter are as follows: by target market and percentage of total revenues for the quarter, IPTV Media Processor segment represented $11 million or 31% of the total; Connected Home, $15.8 million or 44%; Connected Media Player, $5.4 million or 15%; Prosumer, $3.1 million or 9%. During the fourth quarter, we had 3 customers that each exceeded 10% of our net revenue. Motorola represented $4.9 million or 14% of our total; Flextronics, $4.8 million or 13%; and Gemtek, $4.2 million or 12% of our total for the quarter.
GAAP gross margins were 46.6% for the fourth quarter compared to 45.3% in the preceding quarter, and 49.4% in the same period last year. Non-GAAP gross margins were 51.4% in the fourth quarter compared to 52.4% in the preceding quarter and 53.3% in the same period last year. GAAP net loss for the fourth quarter of fiscal 2012 was $18.8 million or $0.58 per diluted share. This compares to GAAP net loss of $121.6 million or $3.78 per share in the previous quarter and GAAP net income of $2.5 million or $0.08 per diluted share in the year-ago quarter.On a non-GAAP basis, net loss for the fourth quarter was $14 million or $0.43 per diluted share. This compares to a non-GAAP net loss of $2.7 million or $0.08 per diluted share in the previous quarter and non-GAAP net income of $10.1 million or $0.32 per diluted share in the year-ago quarter. Please refer to our press release for a detailed reconciliation of our GAAP to non-GAAP performance. The reconciliation includes the 3 following categories of differences for the fourth quarter: first, amortization of intangible assets associated with acquisitions, a total of $1.9 million; second, stock-based compensation of $2.9 million; and third, the fair value markup on inventory purchased through acquisitions and sold during Q4 of $0.1 million. I'd now like to cover a few key areas from our balance sheet. Cash, cash equivalents, restricted cash and marketable securities totaled $150 million at the end of the quarter, a decrease of $11 million or $0.42 per share outstanding compared to the beginning of the fiscal quarter. Read the rest of this transcript for free on seekingalpha.com