Gross profit for the third quarter of fiscal 2013 was $58.8 million, compared to $79.5 million in the prior-year period. Gross margin for the third quarter was 42%, compared to 43% for the same period last year. Gross margin was impacted by inventory provisions related to product line rationalization and an increase in our warranty provision for projectors.

Cash operating expenses decreased by $5.2 million, or 10%, from $54.6 million in the third quarter of fiscal 2012 to $49.4 million in the third quarter of fiscal 2013. Cash operating expenses are comprised of selling, marketing and administrative and research and development expenses, excluding stock-based compensation and bad debt expense.

Adjusted EBITDA for the third quarter of fiscal 2013 was $5.8 million, representing an Adjusted EBITDA margin of 4%, compared to $29.1 million or 15% in the prior-year period. Adjusted EBITDA margin is calculated by dividing Adjusted EBITDA by revenue after adding back the net impact of deferred revenue.

GAAP net loss was $50.9 million for the third quarter of fiscal 2013, compared to net income of $10.7 million in the prior-year period. GAAP net loss per share was $0.42 based on 120.9 million weighted-average shares outstanding, compared to net income of $0.09 per share based on 122.7 million weighted-average shares outstanding during the same period last year. The decrease during the quarter includes a $34.2 million goodwill impairment charge, $15.1 million in costs related to the restructuring we announced in December 2012, and a $2.0 million foreign exchange loss compared to a foreign exchange gain of $7.3 million for the same period in fiscal 2012.

Adjusted Net Loss for the third quarter of fiscal 2013 was $2.3 million, compared to Adjusted Net Income of $16.7 million in the same period last year. Adjusted Net Loss per share was $0.02 based on 120.9 million weighted-average shares outstanding, compared to Adjusted Net Income per share of $0.14 based on 122.7 million weighted-average shares outstanding for the third quarter of fiscal 2012.

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