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While you are pulling up the slides and before we get to the presentation, we also have to take care of the regular housekeeping matters. This call contains forward-looking statements to the extent that we discuss expectations about future corporate financial performance and goals, expected gross margins, future customer orders, performance by product and market, the outlook for margins and revenue, market developments and opportunities, future products, and technological developments, the effects of future movements in the exchange rates, future hiring plans, expected government spending for research tool, our expected effective tax rate or other future events and plans. These statements are considered forward-looking subject to risks and uncertainties that could cause our actual results to differ from the forward-looking statements made.These and other risk factors are cited in today’s press release on slide two of the slides posted on this call and in FEI’s most recent 10-K, 10-Q and 8-K documents and other filings with the SEC. Investors are urged to read these documents. Copies of the SEC filings are available free of charge on the commission’s website at sec.gov or on our website or from our Investor Relations department at 503-726-7710. The company assumes no duty to update forward-looking statements set out in those documents or made on this call. This call is the property of FEI Company. It will be archived in the Investor Relations section of our corporate website at www.fei.com. Now, I’ll turn the call over to Ray for a review of the results and then Don will give you the view of our markets, the outlook and the business environment. Ray Link – Executive Vice President and Chief Financial Officer Thank you, Fletcher, and good afternoon, everyone. We had a solid quarter and the numbers are straightforward. The highlights on slide three are revenue and bookings were the highest for any quarter in our history. Bookings were above our guidance and the book-to-bill was above 1 to 1. GAAP earnings were right in the middle of guidance and our balance sheet remained strong even as we put cash to work in the past quarter. We have now recorded 24 consecutive quarters or 6 full years of GAAP profit, demonstrating consistency over the long-term in varying economic environments.
Bookings for the quarter were $221.8 million, up 16% from Q1 of 2011 and up 9% from Q4’s net order total. Our recent acquisitions contributed less than 3% of bookings. Don will discuss the makeup of orders in our markets in a moment. Changes in currency rates had a small impact in our orders in totals and backlog this quarter. At the end of the latest quarter, the euro was $1.33 compared to $1.29 at the end of Q4. The backlog at the end of the quarter was $434.9 million and represents about 6 months of revenue at our current run rate.Moving to slide four, first quarter revenue was up 10.5% from a year ago and 2% from the fourth quarter. Compared with a year ago, less than 2% of our revenue growth came from acquisitions offset in part by less than a 1% reduction due to changes in foreign exchange rates. Revenue growth was driven by Electronics segment, which was up 27% from last year’s first quarter and 42% from the fourth quarter of 2011 and made up 36% of the total. The Electronics segment also had a strong bookings and a book-to-bill ratio of 1.12 for the quarter. Materials Science segment revenue of $73.2 million was up 4% from the first quarter of 2011 and down 20% on a normal seasonal basis from a record level fourth quarter of 2011. Within this segment, natural resources revenue was up 30% compared with last year’s first quarter and material science research revenue was flat. Read the rest of this transcript for free on seekingalpha.com