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The agenda for today’s call begins with Paul Read reviewing the financial highlights from the fourth quarter and year-end fiscal 2012, followed by Mike McNamara, who will discuss our business environment as well as our business strategically. He will conclude with our guidance for the first quarter of fiscal 2013 ending in June. Following that, we will take your questions.Please turn to slide two for a review of the risks and non-GAAP disclosures. Slide two; our call today and our slide presentation contain statements that are forward-looking. These statements are based on current expectations and assumptions that are subject to risks and uncertainties, which may cause actual results to differ materially from those, set forth in this presentation. Such information is subject to change and we undertake no duty or obligation to revise, update or inform you of any changes to forward-looking statements. For a discussion of the risks and uncertainties, you should review our filings with the Securities and Exchange Commission, specifically our most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and current reports on Form 8-K, and any amendments thereto. This call and presentation references both GAAP and non-GAAP financial measures that exclude certain amounts that are included in the most directly comparable measures under GAAP, including stock based compensation, intangible amortization, net of tax effects, and settlements of tax contingencies. Non-GAAP financial measures may also be a supplemental measure of financial performance. Please refer to the Investor section of our website, which contains the reconciliation to the most directly comparable GAAP measures. Also, as previously announced on March 2, 2012, we are divesting certain assets of Flextronics’ Vista Point Technologies camera module business, including intellectual property and it’s China-based manufacturing operations and as a result, current and historical operating results for this business have been recapped as discontinued operations and are not included in the measures of performance discussed today. Please refer to the Investor section of our website for a detailed reconciliation.
I will now turn the call over to our Chef Financial Office, Paul Read. Paul.Paul Read Thank you Kevin. Please turn to slide three. We generated $6.4 billion in revenue for our fiscal 2012 fourth quarter ending March 31, 2011, which was almost at the midpoint of our guidance range of $6.3 billion to $6.6 billion. Revenue declined $407 million or 6% year-over-year, driven entirely by a decline in our high velocity social business. Our fourth quarter adjusted operating income was $190 million; up 1% year-over-year and our GAAP operating income was $180 million, up 3% year-over-year. Adjusted net income for the third quarter was $197 million, up 22% from last year and our GAAP net income for the third quarter was $173 million, up 28% year-over-year. We reported adjusted earnings per diluted share for the March quarter of $0.28, which was up 33% year-over-year and was above our adjusted EPS guidance of $0.22 to $0.24. Our GAAP EPS for the fourth quarter was $0.25, up 47% year-over-year. Both adjusted and GAAP EPS for the fourth quarter were new records for the company. Our diluted weighted average shares outstanding or WASO for the quarter was $699 million. This was a reduction of 10% or 77 million shares compared with the 776 million shares reported a year ago and is a result of our share buyback programs. During the quarter we repurchased approximately 15 million shares for $94 million with an average cost of $6.35. Please turn to slide four. Our integrated network solutions business grew 45% of our sales during the quarter, up sequentially from 37% last quarter. Revenue was $2.85 billion in the quarter, reflecting 13% year-over-year growth and up 3% sequentially. This quarterly revenue performance was in line with our expectations for a low single digit growth, as we saw strength in new outsourcing wins and new product wins offsetting typical March quarter seasonality.
Industrial and emerging industries comprised 14% of total sales, up from 13% last quarter. Sales were at $929 million, reflecting a decline of 6% year-over-year and 4% sequentially. We calculated below our expectations of stated revenue, partly as a result of weakness in our solar portfolio. As anticipated, our capital equipment business improved significantly in the quarter and we are currently forecasting further growth next quarter.Read the rest of this transcript for free on seekingalpha.com