Excluding restructuring related charges of $6.0 million and its tax effect, first quarter 2002 adjusted net income was $0.4 million, or $0.02 per share.
Given the very challenging environment we operate in, we are pleased to deliver a quarter with good sequential revenue growth. We achieved or exceeded all of our stated financial and operational objectives for the quarter, said Albert E. Sisto, Chairman, CEO and President. We are especially pleased with the new design wins in the Asia Pacific region which contributed to our overall sequential revenue growth of 17% and lay the foundation for additional revenue growth. With our recent re-organization, Phoenix is able to accelerate its transition to a product centric software company while maintaining its innovative edge. Phoenix will continue to deliver leading solutions that are highly valued by its customers.
Phoenix’s improved operational efficiency and continued financial discipline also contributed significantly to our performance this quarter, said Mr. Sisto. The Company’s financial position remains strong with substantial working capital and in excess of $61.0 million of cash and short-term investments as of December 31st, 2001.
