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Our actual results may differ materially from these forward-looking statements. Applied Micro assumes no obligation to update forward-looking statements made on this call. I also want to point out that Applied Micro has several analysts to cover our stock and this creates a range of variability relative to the Street financial models. When we say Street estimates, we mean the consensus of the major analyst models and not necessarily the guidance that was given by the company.With that, I am going to turn the call over to Paramesh. Paramesh? Dr. Paramesh Gopi Thanks, Bob, and good afternoon everyone. We will cover the details of the quarter ending June 30, 2012 which is the first quarter of our fiscal year 2013 as well as provide guidance going forward. Our June quarter revenues were $41.3 million and were a $1 million higher than the midpoint Street estimates of $40.3 million. Before I go into a detailed analysis of these results, let me give you a high-level overview of our vision and update you on the execution of our company’s transformation currently underway. Two years ago, we foresaw a disruptive trend emerging in the form of warehouse scale data center innovation leading up to fundamental changes by parts of enterprise networking and information technology were progressively moving into the cloud. This is evidenced by the fact today that by the end of calendar year 2012 up to 20% of businesses worldwide will own virtually no ID assets on premise according to Gartner. These trends continue to fuel the need for low cost, low total cost of ownership to have our platforms with low energy consumption and high manageability resulting in a high growth cloud server market. I am happy to say that we made significant strides in establishing ourselves as a key enabler and a market category leader providing category leader providing innovative, highly integrated, server solutions. While we continue to stay focused on our base business, we made a strategic move towards leveraging our asset base to enable and lead this new high growth large time cloud computing and connectivity marketplace. This forms the momentum required to move up from a small cap telecom semiconductor supplier to a madcap high growth company.
During this call, we will highlight significant proof points of our progress to-date. Our product strategy is anchored around X-Gene, the world’s 64-bit ARM server platform delivering unparallel performance of the lowest total cost of ownership or TCO along with our entire portfolio of data center interconnect technologies that spans servers, racks and backlinks. Consequently our addressable market has almost quadrupled to approximately $7.5 billion and can be broken down as follows.Number one, cloud servers projected to be $3.1 billion in 2016 with a four year CAGR of 31%. I’m excited to note that we’ve now achieved critical mass to bring APM’s X-Gene 64-bit ARM server on a chip to serve this high growth market. To contextualize while the software infrastructure which consists of Linux, Apache MySQL, PHP and Internet scripting language and Hadoop a distributed file system has come to become the defector standard for almost all internet infrastructure. The hardware has more recently come under a similar trend via the OCP, the Open Compute Project Initiative led by companies such as Facebook. The cloud server category is distinguished by its total cost of ownership requirements which are dominated by operating power or energy consumption and session density. Data centers today consume an estimated 2% of the world’s electricity and this is doubling every five years. Open Compute represents the lowest common denominator of these requirements and for the first time in the history of the server market Open is the server architecture domain to ARM their by fueling this market. Read the rest of this transcript for free on seekingalpha.com