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The forward looking statements made in this presentation are being made as of the date and time of this conference call. Westell disclaims any obligation to update or revise any forward-looking statements based on new information, future events or other factors. Our presentation today also will include non-GAAP financial measures. We have provided reconciliations to the most comparable GAAP measures in our earnings press release which is available on our website westell.com.I will begin this morning with a review of the financial results for our fiscal fourth quarter and the full year ending March 31, 2012. I will then turn the call over to Rick Gilbert, Westell's Chairman and Chief Executive Officer who will provide some perspective on our performance and strategic direction. Fiscal year 2012 was clearly a year of significant change for Westell and I'm happy to say that we ended the year on an up note. After an extraordinarily weak third quarter, we experienced a broad rebound in our fourth quarter across most of our products. Customer buying patterns did not appear to be back to normal but they definitely improved. I will focus most of my comments about financial results today on that fourth quarter which is where the news is. Before I get into specifics, please note that there are few factors including two major transactions that affect results and comparisons. First we completed the sales, most of the assets in operations of our Customer Networking Solutions division to NETGEAR. This CNS sale transaction closed on April 15, 2011. Westell retained one customer and as planned and announced have been winding it's sales to that customer during the fiscal year. Second, Westell sold its Conference Plus subsidiary on December 31, 2011. As a result of this sale transaction Conference Plus is reported as a discontinued operation and its results are no longer included in historical results for continuing operations.
Third, the prior year fourth quarter included about $53.2 million tax benefit as a result of releasing valuation allowance against deferred taxes. In fiscal 2012, fourth quarter contains some tax adjustments as well, albeit much smaller ones.Also of note we have renamed the Outside Plant System division also known as OSP. It is now the Westell division. For the fourth quarter of FY '12, Westell Technologies reported consolidated revenue from continuing operations of $11.3 million compared with $38.5 million in the fourth quarter, a year ago. Conference Plus revenues are not included in either period, the decline results from the plant reduction in CNS revenue which dropped by $22.7 million and from a $4.5 million dollar reduction in Westell division revenue. EPS for the quarter under Generally Accepted Accounting Principles was a loss of $0.04 per diluted share. This compares with income of $0.79 per diluted share in the prior year fourth quarter. These results include impacts from the CNS and Conference Plus sale transactions, a one-time claim restructuring and income tax adjustments. Taking these impacts into account, EPS on a non-GAAP basis was a loss of $0.01 per share in the FY '12 fourth quarter compared to earnings per share income of $0.03 per share in the fourth quarter a year ago. Our non-GAAP results are reconciled to GAAP results on the final page of the earnings news release. From a divisional perspective, the Westell division reported revenues of $10.7 million for the fourth quarter. This is down $4.5 million or 29% compared with the fourth quarter of FY '11. However, we did benefit from some rebound in the market during the quarter. Revenue for the division is $3 million higher on a sequential basis, up 40% compared to the third quarter of FY '12. Compared to the third quarter, the fourth quarter benefited primarily from stronger demand for fuse penal, mountings and closures and custom systems integration services. Read the rest of this transcript for free on seekingalpha.com