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Now, let me start. As we mentioned in our press release, the first quarter was influenced by the uncertain economic environment which we currently face. Traditional laser technologies were impacted by this development, even stronger than latest technology fiber laser. In general, business is somewhat shaky. There is no clear direction to the positive or negative side.Now, let me go with the standard of the review for the quarter ending June 30, 2012. And as you’ve seen from our press release, we delivered sales in the third quarter of $131.7 million, which is within our guidance, but $23.3 million or 15% lower than in the comparable quarter in fiscal year 2011. Ingrid will tell you the currency impact on our third quarter sales numbers later and I think you will be surprised how high the number is. Sales in our Micro/Marking business mainly reflect excellent business with the semiconductor, flex tech and automotive industry when comparing to last year’s third quarter, where the consumer electronic industry was one of the highlights. Net sales decreased 19% over the comparable periods to $61.9 million or $47 million of our overall sales. Sales in our Macro business decreased 16% to $53 million comparing to the third quarter of fiscal year 2011. And this is mainly caused by the lower demands from the machine tool industry in China from our OEMs. Macro business contributed 40% to quarterly sales. Our Component business increased by 11% to $16.8 million, representing 13% of quarterly sales. And I have to comment that the laser diode product had a really strong quarter again. Here are other statistics where the geographical split sales to Asian countries decreased by 24% to $43 million and resulted in 33% of quarterly sales. The strongest countries this time were China, Taiwan and South Korea. And our Chinese business contributed 17% to quarter sales. North America increased 18% and contributed $32 million or 24% of quarterly sales, supported this time by the automotive medical device industry as well as Marking applications and I mentioned already the Component business.
Europe was responsible for the remaining 43% of the quarterly sales. Sales decreased 20% to $56.7 million comparing to last year’s third quarter and there is no specific industry responsible for the reduced sales. Then our spare parts and service business decreased by 2% or $800,000 and accounted for approximately 28% of net sales for the quarter. I would say it’s a very stable business and demonstrates stable utilization of equipment in the factories.Some other statistics, breakdown of our quarterly laser sales by industry. Automotive 11% within the quarter versus 8% last year in 2011. Machine tool 37%, last year 39%. Semi electronics 24% this year and 27% in 2011. 2011 very strong consumer electronic industry by the way. And others 28% this time versus 26% in 2011. During the quarter, we shipped a total of 1,068 lasers versus 1,264 lasers, approximately 16% less compared to last year’s third quarter. 437 versus 549 units were for Macro applications and 631 versus 715 units were for Marking and Micro applications. Now, let me hand it over to Ingrid, who will further comment on the financials. Ingrid Mittelstädt Thanks, Günther. Good morning and good afternoon to everyone. Our quarterly revenue of $131.7 million were in line with our projected guidance even under the impact of the strong U.S. dollar that reduced our quarterly sales by an amount between US$8.5 million and US$9 million. On a sequential basis, gross profit remained stable at 37.5% of total sales. Compared to the third quarter of last fiscal year, gross profit decreased to 37.5% coming from 39.2% last year, mainly due to lower absorption of fixed costs due to the lower level of business and favorable product mix and 2% lower service on spare parts revenue. SG&A including intangibles, amortization for the quarter represented 19.6% of net sales the third quarter of fiscal year 2012 compared to 19% in the corresponding period of last year. In absolute figures, the SG&A decreased by $3.5 million to $25.3 million in the quarter. The decrease in SG&A expenses is mainly a result of lower label cost as well as lower commissions and exhibition expenses. Additionally, you have seen that the intangible amortization decreased by $0.1 million compared to Q3 2011. Read the rest of this transcript for free on seekingalpha.com