As we exit our corporate restructuring, we are pleased to introduce a series of innovative new products that we believe will enhance the company's growth possibilities. These products push the technological boundaries in amplification, dispersion compensation, advanced modulation, low-cost monitoring and intelligent subsystems. We see many market opportunities ahead of us, and our new products, manufactured by our newly streamlined organization, position us well for future success.

We are grateful to Tony Riley for his dedication and hard work and look forward to his continuing contributions as our vice president of finance.

Gross margins improved for the fourth consecutive quarter and are up 13 percentage points from the same quarter in the prior year, operating expenses declined sequentially and we significantly reduced our cash burn by $14 million compared to the prior quarter. Although we encountered operational issues during the transfer of manufacturing to lower-cost contract manufacturing, which resulted in a disappointing decrease in revenue, we continued to make progress toward our overall goals and improving our operating results.

In housing in the fifties in Britain and the sixties, we pulled down the terraces - destroyed whole communities and replaced them with tower blocks and we built walkways that became rat-runs for muggers. That was the fashionable opinion. But it was wrong.

It's a sad day when the leaders of the free world engage in such deception and trickery. I voted against this unnecessary war and will continue to argue that the best way to support our troops is to bring them home.

When I was in office the fundraising was done by the party treasurers.