I'd now like to turn the call over to Mary Puma.Mary G. Puma Thank you, Amy. Axcelis managed well through what turned out to be a more difficult quarter than anticipated. Like others in the industry, our second quarter started off with much promise, showing signs of an industry recovery. Very late in the quarter, as global economic conditions stalled, we, along with our peers, found ourselves facing much more challenging industry condition. Cautious customers load their build plans and held back on placing planned orders, actions that impacted both our equipment and the aftermarket business. Despite this, we were able to deliver break even profitability with a slight miss in revenue guidance. As many of our peers have reported, Q3 is shaping up to be a difficult quarter, although meetings at SEMICON West and several recent trips to Asia and Europe confirm that the longer-term outlook for the industry is positive. Our goal is to leverage future market strength. And as such, we remained focused on positioning our products for top line growth. At the same time, we recognized the need to continue to reduce our quarterly break even revenue level and fortify our cash position. Jay will get into more detail on this in a few minutes. Our plan in 2012 is to continue to extend the reach of the Optima HDx beyond memory and into logic and foundry. The natural extension will be a key driver of improved market share in the future. Evaluations for the Optima HDx that logic and foundry customers are proceeding. We continue to demonstrate competitive advantages with our cost-effective damage engineering solution and our superior extended Eterna ELS3 source lifetime for carbon and germanium. In fact, in the field, the ELS3 source exceeded its pec [ph], clocking in over 500 hours of uninterrupted carbon implants. This resulted in more than a 100% advantage over the competition. Together, the ELS3, with Linde SPECTRA Solifex gas delivery system, provides chipmakers increased system availability, higher overall productivity and lower cost of consumables, all translating to a compelling cost of ownership advantage. We were also very pleased about shipping our new medium current system to a large customer in Asia for evaluation, where it will be used to manufacture next-generation 2x nanometer Flash devices.
For those of you who saw our press release earlier this week, you noticed that we have rebranded this system as the Purion M. The Purion M is the first tool in our next-generation Purion implant platform and further advances the best Axcelis technology. The Purion M provides significant advantages over our competition, particularly with improvements in yield, for applications like HALO implants, an increase productivity for implants that utilize the system's 335 keV extended energy range. We believe that the Purion M will allow us to become a significant player in the medium current segment, an area in which we have had a relatively small presence and market share. We are working on additional Purion M evaluations, which will be addressed in future announcements.The Optima XEx continues to ship to the worldwide chipmakers as they add capacity to their fab. Its excellent reliability, broadest energy range and superior productivity, make it the leading system for high energy implantation. And in dry strip, we are building on the momentum our Integra platform had in 2011. Our 2 evaluations are proceeding well, further demonstrating the superior performance of the Integra ES for advanced strip application. Customers are confident in Axcelis' ability to deliver strong technology promotions that provide superior process performance and the lowest cost of ownership. Our customers continue to strongly support and work with us to extend our reach as they develop solutions for advanced technology challenges. I'm now going to turn the call over to Jay, who will discuss our financial results for Q2, our restructuring actions and our guidance for Q3. Read the rest of this transcript for free on seekingalpha.com