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Please review the Safe Harbor statement on the second slide of the presentation, and we’ll be going over today. With that out of the way, let me turn the call over to Steve to highlight some of the financial results that are on the third slide of the presentation.Stephen J. Chesnut So thank you, Jonathan. As Jonathan said, let’s go to slide three of the presentation slides. And let me take and highlight a couple of the bullet points, I won’t cover all of them. The first one I would like to cover is the last bullet point. Net income for the quarter was a positive $2.7 million of $0.12 per share. This is a $3.2 million improvement over last year and was due primarily to lower operating expenses, which declined by a combined $5 million from Q1 last year. On the top line, total net revenue was just over $262 million, 1% decrease from last year. Contribution declined by 5% to $33 million, due largely to a 5% decrease in gross profit. And our combined technology and G&A expense decreased by $4.2 million due primarily to a reduction in compensation and legal costs. While it’s not on this slide, let me highlight a few items from the balance sheet. We ended the quarter with $72 million in cash and cash equivalents; this compares to $100 million at the end of Q1 last year of $97 million at December 31, 2011. The principal reason for the change in cash from last year was the retirement of over $20 million of finance obligations that we paid at the end of 2011. Working capital at the end of Q1 was a negative $9 million, while working capital at December 31, 2011 was a negative $14 million. So those are a few of the highlights on slide three of the financial performance. So Patrick, with that let me turn the call over to you for a balance of walking through the presentation.
Patrick M. ByrneOkay and since I am offsite, I am actually going to call on Jonathan and Steve Chesnut a little bit more than is normal than is my custom during these slides. We had under recent events, we hired an outstanding SVP of Marketing, Tim Dilworth has just joined the Company, he came from Coldwater Creek. We received a closure letter from the SEC, Jonathan, regarding a 2009 investigation. Jonathan, do you want to say anything about that? Jonathan E. Johnson It is as expected that the SEC decided to take no action and closed the investigation. But it’s nice to have letter in our files now. Patrick M. Byrne Another closure letter, you can wallpaper your office with those Jonathan, We’ve launched the O.info customer information portal. Next slide, we see quarterly revenue growth, we’ve broken the, we were down as far as 10% down, we are minus 1% for the quarter end. We are, I see that a question is come in saying what can we expect going forward well, I do in terms of revenue growth, and I do think that we’ve turned the corner on revenue growth and you can see it climbing back into the black immediately. Next slide gross profit growth, pretty much follows revenue growth. Next slide, gross margin and contribution, we told you a long-time ago, that you should really expect, I think around 12 plus or minus 50 basis points or something. We were disappointed that for a couple of quarters that was running down at 10% we are back at 12.6. I think the Gods of economics wants this to stay around 12.6, we can move it higher and actually it has been moving a little bit higher, but we, I think this is about where it should be. Next slide quarterly contributions $33 million. Again just a hair down from last year. Read the rest of this transcript for free on seekingalpha.com