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Forward-looking statements include, but are not limited to words like belief, expect, anticipate, estimate, will, and other similar statements of expectations identifying forward-looking statements. Investors should be aware that any forward-looking statements are based on assumptions, and are subject to risks and uncertainties that could cause actual results to differ materially from those discussed here today.These risk factors are explained in detail in the Company’s filings with the Securities and Exchange Commission, including the Form 10-K for the fiscal year ended December 31, 2011 and the Form 10-Q for the period ending March 30, 2012. Crexendo does not undertake any obligation to publicly update or revise any forward-looking statements, whether it’s a result of new information, future events or otherwise. I’d now like to turn the call back to Steve. Steve? Steve Mihaylo Thank you Jeff, I am going to go over the numbers at a very high level and then we will turn it over Jon for some more granularity. Net income for the first quarter of 2012 were 199,000 or $0.02 per diluted common share compared to a net loss of 1.851 million or $0.17 per diluted common share in the prior year quarter. Income before income tax provisions for the first quarter of 2012 was 45,000 compared to a loss of 2.973 million in the prior year quarter. Cash from operations from the first quarter of 2012 was 652,000 compared to cash used in the first quarter of last year of 3.307 million. As of March 31, 2012 cash and cash equivalents and restricted cash were 10.688 million working capital was 899,000 and working capital excluding deferred revenue was 17 million I am sorry I misstated the number above, it was 8.999 million working capital and working capital excluding deferred revenue was 17.882 million. Current and long term receivables were 12.351 million as of March 31, 2012. I am very pleased with our progress particularly on the sales side. We have dramatically improved our hiring process and we are now getting the caliber of sales people that we need. I believe this will continue to improve as our productivity and results continue here.
We also continue to improve our offerings and services and we are beginning to offer a full range of cloud services including telecom, web services, web design and services and broadband. I am very impressed with our quality and commitment to our customers I believe we are well on the way of creating a world class business and a significant recurring revenue stream.I believe in this company and we will continue to put my money where my mouth is, I will now turn the call back over for review to Jon Erickson, Jon? Jon Erickson Thank you Steve. We had a good quarter from a cash flow perspective as well as a bookings perspective specifically on the telecom side. From a revenue perspective we had approximately 5.3 million in revenue for Q1 which is broken down as follows. Crexendo web services revenue was 770,000, the 21% increase quarter-over-quarter to a 638,000 in Q4 and 61% increase year-over-year from 479,000. The increase in revenue on a quarter-over-quarter basis is primarily due to improvements in our fulfillment process allowing for additional one time revenue as well as improvements over the last quarter in our customer churn and our recurring products. As mentioned last quarter the majority of our revenue in the web services division is recurring in nature such as link building. As such our future rate of growth in this segment on both a year-over-year and quarter-over-quarter basis is largely dependent on our ability to hire sufficient number of qualified sales reps and increase the productivity of our current sales reps. As of today we have 24 direct sales reps which is flat from the prior quarter but we do have several more sales reps in the pipeline. Read the rest of this transcript for free on seekingalpha.com