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In addition to these risks, we refer you to the risk factors included in our press release issued today and our filings with the SEC, including the most recent forms 10-K and 10-Q.Before I hand the call off to Ilan, I would like to mention that starting in the September quarter in addition to reporting our GAAP financial results, we will begin presenting supplemental non-GAAP financial data. Our non-GAAP presentation and EPS calculations are expected to include certain items such as restructuring and severance charges, amortization of acquisition-related intangibles and certain discrete tax items. Our non-GAAP presentation and EPS calculation will include stock-based compensation expense. However, we plan to publish a table in our future press releases that includes our total stock-based compensation as allocated to our cost of sales, R&D and SG&A. For those that work with and rely on Thompson, First Call, Fact Set, Capital IQ and other financial service platform non-GAAP estimates, we ask that starting with the September quarter of 2012 you exclude any restructuring and severance charges and amortization of acquisition related intangibles from your non-GAAP estimates. As always, we'll continue to publish and maintain our primary focus on GAAP financial results. Lastly, I would like to highlight the following upcoming events. On Wednesday, September 5th, we will be attending the 2012 Citi Global Technology conference in New York and on Wednesday, September 12th, we will be attending the 2012 Deutsche Bank Technology conference in Las Vegas. Now, Ilan will discuss our most recent financials. Ilan? Ilan Daskal Thank you, Chris. Good afternoon and thank you all for joining us. For the fourth quarter of fiscal 2012, IR reported a revenue of $269.7 million, which was an 8.7% increase from the prior quarter and a 15% decrease from the fourth quarter of fiscal year 2011.
Gross margin was 25.9%, lower than our guidance mainly due to an asset impairment and inventory write-off associated with our El Segundo fab closure that impacted gross margin by 1.6 percentage points.Mix also impacted gross margin PMD revenue increased sharply and HiRel gross margin increased due to a change in mix within the June quarter. We reported a net loss of $68.2 million or $0.88 per fully diluted share for the quarter. Excluding an asset impairment and inventory write-off associated with the El Segundo fab closure of $4.4 million, $1.7 million in severance payments, amortization of intangibles of $1.7 million, a goodwill impairment of $69.4 million and a discrete tax benefit of $21.2 million, net loss would have been $12.2 million or $0.18 per share. For the June quarter, R&D expense were $35.1 million which represented 13% of revenue. SG&A expenses were $51.3 million which represented 19% of revenue. Excluding $1.7 million in severance payments associated with the reduction of our fixed cost structure, SG&A expenses were $49.6 million. Amortization of acquisition related intangibles was $1.7 million. In the June quarter, we reported a goodwill impairment charge of $69.4 million within the Enterprise Power business unit. This charge was based upon the recent trading value of our stock coupled with a higher computing mix within the Enterprise Power business unit that resulted in the write-down of goodwill, including the goodwill from the CHiL acquisition. We continue to see CHiL as an integral part of our success in the transition to digital power management in the server and computing end market segments. Operating loss for the quarter was $87.7 million. Income tax for the June quarter was a $19.6 million benefit due primarily to a net release of tax reserves and deferred assets and other discrete items totaling $21.2 million. This was partially offset by $1.6 million in foreign tax accruals. Read the rest of this transcript for free on seekingalpha.com