While the revenues were below expectations, this reflects an increase of 23% over last quarter. The primary cause for the quarter’s disappointing results was continued softness in the PC industry which had a particularly negative impact on our core business in the Taiwan market.
While the results for the quarter were disappointing, they reflect significant improvement over last quarter. The global economic uncertainty continued to impact the buying patterns of OEM customers, said Albert E. Sisto, Chairman, CEO and President.
We are positive about our future based on the progress made during these tough market conditions. Our newly formed Information Appliance division finalized agreements that place us in a strong position in China, the largest market in the iTV category. Our PhoenixNet division, completed significant agreements with regional device authority industry leaders, CrossCert and D-TRUST. These PhoenixNet transactions will provide recurring license revenue over the life of the agreements. We have made significant progress towards our key initiatives for growth and are continuing to realign our resources to maximize those opportunities. We remain optimistic for the long term, added Mr. Sisto.
