We're here today to discuss third quarter results for the period ended March 31, 2012. We released these results this afternoon 1:15 Pacific Time. If you haven't seen the release, you can find it on our website at www.klatencor.com or call (408) 875-3600 to request a copy.A simulcast of this call will be accessible on demand following its completion on the Investor section of our website. There you'll also find a calendar of future investor events, presentations and conferences, as well as links to KLA-Tencor's SEC filings, including our annual report on Form 10-K for the year ended June 30, 2011, and our subsequently filed 10-Q reports. In those filings, you'll find descriptions of risk factors that could impact our future results. As you know, our future results are subject to risks. Any forward-looking statements, including those we make on this call today, are subject to those risks, and KLA-Tencor cannot guarantee those forward-looking statements will come true. Our actual results may differ significantly from those projected in our forward-looking statements. More information regarding factors that could cause those differences is contained in the filings we make with the SEC from time to time, including our fiscal year 2011 Form 10-K and current reports on Form 8-K. We assume no obligation and do not intend to update these forward-looking statements. However, you can be assured that any updates we do provide will be broadly disseminated and available over the web. With that, I'll turn the call over to Rick. Richard P. Wallace Thanks, Ed. I'm pleased report that KLA-Tencor began calendar 2012 with a strong fiscal third-quarter, delivering revenue and earnings growth that surpassed the upper end of the guidance ranges. Revenue grew 31% sequentially to $841 million in the March quarter, and non-GAAP earnings per share was $1.27. Gross bookings in March were $833 million, coming in at the lower end of the guidance range, with the shortfall largely attributable to a shift in the timing of one large order into the June quarter.
In general, the semi cap equipment demand environment is healthy today. Device manufacturers are maintaining a high level of investment at the leading edge in their efforts to support technology development and to meet robust and demand forecast associated with the rapidly growing mobile electronics markets.As a result of these technology and demand trends, the rate of change in device and process technology remains strong and continues to accelerate. In fact, the introduction of new transistor and memory technologies, such as high-k in metal gate and thin FET in logic and 3D NAND in memory, as well as advanced manufacturing and packaging techniques, are all contributing to driving higher technology development and manufacturing cost for our customers. These technologies and techniques are also compounding the yield challenges at the leading edge, helping to drive strong adoption of process control. This is translating to market-leading growth for KLA-Tencor, as advanced process control becomes increasingly important for our customers. And the industry continues to look to KLA-Tencor as the market leader to meet their increasing complex inspection and measurement challenges at the leading edge. Our strong market position was recently highlighted in Gartner's annual industry and market research report. That study shows KLA-Tencor is growing share in process control, with particular strength in the wafer inspection and metrology markets, both of which are the critical path for enabling next-generation device innovation. Today's strong financial results and our industry-leading position are a direct outcome of KLA-Tencor's ongoing customer collaboration focus and the successful execution of our long-term strategic objectives. I'll now provide an update on the current demand environment in each of our major end markets. Orders from foundry customers were 55% of gross bookings in the March quarter. Leading edge foundry capacity remains in tight supply, as rapid growth in the mobility markets is driving demand for increasingly complex fabless application processors into the foundries. In this environment, foundry market leaders are ramping production in an effort to meet high levels of demand and to secure their positions in an increasingly competitive market. Read the rest of this transcript for free on seekingalpha.com