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Before we begin, we would like to advise you that all statements that address expectations or projections about the future are forward-looking statements. Some of these statements include words such as expects, anticipates, plans, intends, projects and indicates. Although, they reflect our current expectations, these statements are not guarantees of future performance, but involve a number of risks, uncertainties and assumptions. Please refer to our 10-Ks, 10-Qs, and recent registration statement filings for additional information on risks and uncertainties.And now, I’ll turn the call over to Per. Per-Olof Lööf Thank you, Dean, and good morning everyone. Our first quarter of fiscal 2013 saw our net sales grow to $223.6 million, which was an increase of approximately $13 million over the last quarter. Our adjusted EBITDA for the quarter was $14.1 million. The market this quarter has still been on the soft side, but we do see demand picking up with closing book-to-bill at 1.16. The joint venture with NEC TOKIN and ourselves has received regulatory clearance from the European Commission under the European Union Merger regulation for our proposed acquisition of a 34% interest in NEC TOKIN by ourselves. As previously announced on March 12, 2012, KEMET entered into a definitive agreement to acquire this interest for $50 million. The transaction remains subject to satisfaction of customary closing conditions, including receipt of required regulatory approval in China. While a definitive closing date cannot be determined, we continue to expect that the transaction will close during our second fiscal quarter, ending September 30, 2012. As a reminder, the transaction comprises three major steps. First, we’ll form a JV with NEC by acquiring a 34% equity stake in NEC TOKIN for the payment of $50 million. The next step will be to increase that equity ownership stake to 49% for an additional $50 million.
The third and final stake will be to acquire the remaining 51% giving us 100% economic ownership, which will be based on a multiple or NTs performance at that time. This structure is designed to allow us to align all stakeholders KEMET, NEC & T towards the successful integration we are building restructuring and continued optimization of NEC TOKIN in preparation and anticipation of the final step in this transaction.This past quarter, we continued to see progress in our action to secure and stabilize our supply chain through a status strategy of vertical integration. As you may recall, we bought a Tantalum powder manufacturing facility in Carson City, Nevada. This facility now called KEMET Blue Powder along with our agreement to secure Tantalum ore from the Democratic Republic of Congo and our exclusive arrangement with Tantalum resources in Johannesburg, South Africa completed our closed pipe conflict-free vertically integrated Tantalum supply chain. I’m delighted to say that we now are seeing parts coming out of our manufacturing plant made from ore that has gone through this closed pipeline. Additionally, we are seeing real progress being made in our Making Africa Work initiative. That with regard to the social responsibility we are taking with schools and hospitals now being built adding to the infrastructure in the community. Before going to detail regarding the performance of over individual business groups and regions, I'll turn it over to Bill to review our financials for the quarter. Bill? William M. Lowe, Jr. Thanks, Per, and good morning, everyone. I'll begin my review on slide 3 if you are following along in the slide deck that was provided on our website. Net sales of $223.6 million were up 6% over the prior quarter of March 2012 of $210.7 million, which exceeded our forecast range of 3% to 5%, and our non-GAAP gross margin as a percentage of sales increased to 15.2% compared to 14.1% in the prior quarter, driven primarily by our Tantalum business unit. Read the rest of this transcript for free on seekingalpha.com