In February 2011 we sold Sonic to Rovi Corporation, a digital entertainment technology solutions and IP licensing company. Since that time I’ve served Rovi as an executive advisor and have been a partner at Accanto Partners, LLC an investment fund focusing on technology and digital media companies.

With its strong technology offerings and IP portfolio for touch based solutions, Immersion represents an exciting opportunity in a market that’s only just beginning to recognize the true value of haptics. I’m very eager to help the company shape and execute on its strategic goals during this important time in its development and I look forward to meeting many of our analysts and investors over the coming months.

With that, I’ll turn it back over to Vic.

Victor Viegas

In a few minutes I will discuss recent developments as we progress into 2012 but first I’ll provide a more detailed view of our financial results for the first quarter. Revenues in the first quarter of 2012 were $9.7 million slightly below revenues of $9.8 million in the year ago period. Revenues for the first quarter of 2012 included product sales of approximately $300,000 compared with product sales of approximately $1 million for the first quarter of 2011, consistent with our shift to a licensing model.

Revenues from royalties and licenses were $9.1 million up 9% from the first quarter of 2011. While revenue mix per segment is expected to fluctuate on a quarterly basis due to seasonality patterns, in the first quarter of 2012 a breakdown by segment as a percentage of total revenues is as follows: 42% from mobility; 37% from gaming; 13% from medical; 5% from auto; and 3% from chip and other. These percentages are based on total revenues including revenues from royalty and licensing, product sales, and development contracts.

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