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Forward-looking statements are statements of risks and uncertainties that could cause our results to vary materially or cause a materially adverse effect on our results. Please refer to the risk factors discussed in our SEC filings and the press release issued today. We do not undertake to update in light of new information or future events.In addition, reference will be made to non-GAAP financial measures. Information regarding the reconciliation of the non-GAAP and GAAP measures can be found in the press release that is issued this afternoon on our website at the IR Section at www.efi.com. There are also slides available that corresponds to today’s comments. I’ll now turn the call over to Guy Gecht. Guy? Guy Gecht Thank you, JoAnn and thank you all for joining us today. In an increasingly challenging operating environment we’re very pleased we saw Q2 2012 results. We achieved 16% the operating revenue growth for a record of $164 million, which is our tenth consecutive quarter of double-digit revenue growth. Q2 also marks an all time record for our two high growth segment, our Industrial Inkjet business is at $80 million up 39% from year ago and Productivity Software at $25 million growing 33%. And we again achieved a record level of recording revenue at $43 million including 20% year-over-year. Our team also executed on the cost front which allowed us to deliver non-GAAP EPS of $0.30 per share which included a one-time $0.03 unfavorable non-operational currency impact. Excluding the non-operational currency impact on the other income line, we grew non-GAAP EPS 50% year-over-year. A second very positive development I would like to discuss is our announcement today that we have sold our Foster City headquarters for $180 million, a very attractive price in any economic environment and adding lastly $3 per share after-tax to EFI’s balance sheet.
Monetizing this asset is yet another example of our determination to maximize shareholder value. The transaction is expected to close in October after which we have negotiated 12-months to transition out of this building at low cost two year fund. As we look for new location in the Bay area, our precedence will be to be to win a similarly sized facility around the fall of 2013. The Board and management recognize the impact of future EPS caused by ranking versus owning our headquarters and we consider alternative such as the share buyback program to offset the impact. And it goes without saying that our Board will continue to discuss and evaluate the alternatives for the company to utilize what will be even a healthier cash balance for the breadth, long term outcome for our shareholders.Before I talk with you about each of our businesses, I did want to highlight our successful Drupa show which clearly demonstrated the industry bias towards the tax players that are leading the analog to digital transformation. Our new products and the excitement and attention they generated reinforce EFI’s leadership in this transformation. Not that while the reception to those products was very positive and the pipeline coming out of the show was at record levels for both Industrial Inkjet and Productivity Software, the economic headwinds slowed down the conversion of this interest into closed deals. Even though our Ink volume proved the demands for digitally printed product remains solid, concern about the economy especially in Europe, are leaving many potential equipment buyers on the sideline. The strength of our product line and the robust pattern of use allowed both our Inkjet and software businesses to outperform despite the economy. But we do see it as a factor in our third quarter outlook which I will discuss shortly.
Now turning to the results of our Industrial Inkjet business for Q2. We again saw outstanding growth, including 39% year-over-year. These results were driven by strong demand for our new LED printer as well as a strong growth of our critical lineup is our strategy to expand the business to the emerging market is already driving great results. We also continued to show high growth in newly Ink volumes increasing 31%.Read the rest of this transcript for free on seekingalpha.com