Our second quarter results confirm we are on or ahead of plan in virtually every part of our turnaround.
Revenues for the quarter were $394 million, a sequential increase from revenues of $390 million in the first fiscal quarter. Gross margins were $133 million or 33.8 percent, an increase of $70 million sequentially. Operating expenses, which include amortization and write-down of intangibles and restructuring charges, were $231 million, an improvement of $76 million sequentially. The net loss was ($104) million or ($0.30) per share, a sequential improvement of $129 million or 37 cents per share.
For the second fiscal quarter, pro forma results1 were as follows: revenues of $394 million, gross margins of $133 million or 33.8 percent, operating expenses of $187 million, and a net loss of ($47) million or ($0.14) per share.
The company ended the quarter with $1.39 billion in cash and short-term investments and generated positive cash flow from operations. Working capital management continues to improve, with collection of accounts receivable (DSO) improving sequentially from 45 days to 42 days and average inventory turnover improving sequentially from 7.5 turns to 8.6 turns.
