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Additionally, the company’s press release and management statement during this conference call will include discussions of certain measure and financial information in GAAP and non-GAAP terms. Included in the company’s press release are definitions and reconciliations of GAAP net income to non-GAAP adjusted net income, GAAP net income to EBITDA and free cash flow, which provide additional details. Also throughout the company’s press release and management statements during this conference call, we refer to net income attributable to common stockholders as GAAP net income. For those of you unable to listen to the entire call at this time, a recording will be available via webcast for 60 days in the investor relations section of Diodes website at www.diodes.com.And now I’ll turn the call over to Diodes President and CEO, Dr. Keh Shew Lu. Dr. Lu, please go ahead. Keh Shew Lu Thank you, Leanne. Welcome, everyone, and thank you for joining us today. Our revenue of $145 million in the first quarter represented a moderate sequential increase and was systemically better than typical season slowness. After the Chinese New Year, we began to see signs of recovery in our end markets. We took advantage of this renewed market strength by sequentially reducing our low margin first good inventory, which helped to support revenue and secure incremental market share gains. Although we reduced our finished goods inventory by 30%, while channel inventory declined 3%. As a result we achieved moderate sequential revenue growth. However, our (inaudible) inventory minded with the increased price pressure and the low iodiration continued to impact margins during the quarter. Lastly, we believe the first quarter represented the low point in the cycle, and that overall demand will continue to improve across all of our geographies. As such, we have to shift our strategy back to our growth model to occasionally capture additional market share.
With our improved productivity and the (inaudible), we have begun adding capacity for new more advanced package at our Shanghai facility to support our continued growth. As the demand and the pricing environment improve further, we will transition a variable capacity to higher margin product to enhance our product mix and the margins going forward. Our expansion for strong growth in the second quarter further validated the strengthening of our bekins. We are focused on executing our growth model and have the investment and capacity in place to support our further expansion.The flexibility of our business model has allowed us to constantly deliver profitability, gain market share and even grow regular during down economic cycle. I believe this strategy will continue to produce growth rate that exceed our addressable market as we have constantly now over the past several quarters and years. With that, I will now turn the call over to Rick to discuss our first quarter financial results and the second quarter guidance in more detail. Rick White Thanks, Dr. Lu, and good afternoon, everyone. Revenue for the first quarter of 2012 was $144.7 million, a sequential increase of 1% over the $143.3 million in the fourth quarter of 2011 and a decrease of 10.5% from the $161.6 million in the first quarter of 2011. Revenue was up sequentially due to general improvements and end market demand late in the quarter. Gross profit was $33.7 million or 23.3% of revenue in the first quarter of 2012 compared to $35.5 million or 24.8% of revenue in the fourth quarter of 2011 and $57.4 million or 35.5% in the first quarter of 2011. Read the rest of this transcript for free on seekingalpha.com