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Also I'd like to remind you that Retalix reported income from operations, operating margin, net income and earnings per diluted share on both a GAAP basis and on an adjusted non-GAAP basis. Today's press release includes a reconciliation of non-GAAP information to the most directly comparable GAAP information and is posted in the Investor Relations section of the Company's Web site at www.retalix.com. The press release showing the first quarter non-GAAP reconciliations can also be found on this site.Now I will turn the call over to the CEO of Retalix. Mr. Sheffer please proceed. Shuky Sheffer Thank you Adam. Welcome and thank you for joining us on this call. This morning we announced our financial results for the first quarter of 2012. We had a good start to 2012 recording record revenues and strong improvements in operating margins and net income as we continued to execute on our strategy and work to deliver programs for our customers. This is our ninth consecutive quarter of revenue growth. It demonstrates the success of our strategy of combining Retalix 10 and other innovative products and product-led services to build our customer engagements. Revenues increased 21 percent year-over-year to 65.7 million dollars in the first quarter and Net Income Non-GAAP was up 50 percent year-over-year to 5 million dollars in the first quarter. We are achieving good, consistent results and solid execution across the Company. We are beginning to leverage our achievements in 2011, executing on our customer wins and continuing to build across all our lines of business and around the globe. Retalix 10 is being recognized as the most innovative solution for larger, high volume, high complexity retailers, enabling today's demanding consumers to shop at any time, from any place, on any channel as well as crossing seamlessly from channel to channel. We are helping retailers to enhance their efficiencies, differentiate and grow their businesses and proactively and quickly adapt to the changing requirements of today's market.
Our service offerings, including software integration, managed services, and automated testing, are also creating a lot of opportunities for us.We continue to receive positive feedback from our customers, prospects and key industry analysts on our offerings and vision and win new customers and projects. This quarter we won customers across our lines of business and around the globe, including China and other emerging markets. We are delivering on our strategy and confirming that Retalix is positioned with the unique solutions to meet retailers’ needs. In a moment I will talk in more detail about market trends and our outlook. Before that I am pleased to welcome Sarit Sagiv to our team as our CFO. With her strong experience, including financial management of large and global software and services programs we are confident that Sarit will continue to strengthen our financial operations. I want to again thank Hugo Goldman for his excellent service to Retalix including his contribution to the transition we have been making over the last two years. Sarit brings to Retalix a wealth of relevant experience, which will be very helpful in managing the business as we continue to grow and transform Retalix. I am pleased to have Sarit on board and look forward to introducing her to you. Sarit Sagiv: Thank you Shuky. I am very excited by the opportunities that I see for Retalix. Retalix had a solid financial performance in the first quarter of 2012 reporting 21 percent growth in revenues compared to the year-ago first quarter and 5 percent above the sequential quarter. Total revenues were 65.7 million dollars for the three months ended March 31, 2012, compared to 54.1 million dollars in the year-ago first quarter. Looking at the revenue mix, software revenues were approximately 14 percent of revenues in the first quarter of 2012. Maintenance revenues derived from our products were 24 percent, professional services, which includes our SaaS revenues, were 53 percent, and hardware revenues were 9 percent of total revenues. Read the rest of this transcript for free on seekingalpha.com