Good afternoon ladies and gentlemen and welcome to the Extreme Network’s 2009 second quarter conference call. At this time all participants are in a listen-only mode. Following today’s presentation, instructions will be given for the question-and-answer session. (Operator Instructions) On the call today from Extreme Networks are Mark Canepa, President and Chief Executive Officer; and Karen Rogge, Senior Vice President and Chief Financial Officer. As a reminder, this conference is being recorded today, Wednesday, January 28, 2009. This afternoon Extreme Networks issued a press release announcing the company’s financial results for the second fiscal quarter of 2009. A copy of this release is available at the company’s website at www.extremenetworks.com. This call is being broadcast live over the internet and will be posted on the Extreme Network’s website for a replay shortly after the conclusion of this call. The company has asked me to remind you that this conference call contains forward-looking statements that involve risks and uncertainties, including statements regarding the company’s expectations, regarding its strategy, growth of customer bandwidth demands, development of new products, customer acceptance of the company’s products, customer spending and economic conditions in the company’s market. Actual results could differ materially from those projected in the forward-looking statements, as a result of certain risk factors including but not limited to fluctuations and demand for the company’s products and services, the highly competitive business environment for network switching equipment, it’s effectiveness and control expenses, the possibility that the company might experience delays to make development of new technology and products, customer response to it’s new technology and products, the timing of any recovery in the global economy, risks related to pending or future litigation and a dependency on third parties for certain components, and for the manufacturing of the company’s products. The company undertakes no obligation to update the information on this conference call. More information about potential factors that affect our business and financial results is included in the company’s filings with the Securities and Exchange Commission, including without limitations under the captions, management’s discussion and analysis of financial conditions and results of operations and risk factors which is on the file for Securities and Exchange Commission. Throughout the conference call the company will reference to both GAAP and non-GAAP financial results. The company has provided a reconciliation table of GAAP to non-GAAP and information in the tables that accompany the press release on its website. Please go to the Investor Relations section of the company’s website at www.extremenetworks.com. In addition all announced results are preliminary and maybe subject to change when the review of the fiscal quarter is concluded and/or a Form 10-Q is filed. I would now like to turn the call over to Mr. Mark Canepa, President and CEO of Extreme Networks; please go ahead sir.

Thank you, Mary and thank you all for joining us today. I would like to cover three points with you: a brief review of the quarter, what we are doing to maintain success in the current financial downturn, and market expansion opportunities we are positioned to capture. I will then turn the call over to Karen for details on the financials. Revenue for the quarter was $87.5 million, which is down slightly from last quarter. Pro forma earnings were $0.04 per share. Given the severity of what appears to be a still-worsening economic climate in the United States and in most of the world, we are satisfied with these results. While revenue for the Americas decreased sequentially in year-over-year, revenue outside of the Americas continued to increase, both sequentially and with respect to last year. Our product book-to-bill was slightly above one and we again were able to increase our cash position. Karen will give you the details later on. Over the next few quarters, we do not expect the US and many of the world economies to show material improvement. We expect it to be difficult for our customers to obtain credit and we expect capital investments and operating budgets to continue to be under significant pressure for the foreseeable future, we plan to manage accordingly. At the same time, our customer’s challenges drive opportunities for us to create solutions, to make the most effective use of our customer’s limited resources. Furthermore, in the U.S., we are closely monitoring the plans of the new administration intends to pursue to stimulate the economy and are positioning to take advantage of those. We have positioned ourselves for some time, in markets such as health care and education, two industries that seem to be poised to receive significant government investment. Another market…

Our second quarter results reflected the difficult macro-economic climate in the U.S. Despite this backdrop, we managed our operating expenses in the quarter to deliver a profit and increase our cash and investments. Overall, revenue for the quarter was down 2% from the year ago quarter. Pro forma gross margin declined 1.7 percentage points compared to the year ago quarter and cash and investments increased $900,000 from the prior quarter. Product revenue was $72.6 million, which compares to $77.4 million a year ago. Once again, EMEA revenue grew stronger, increasing 18% from a year ago. Our product book-to-bill ratio was one for the quarter. Service revenue was $15 million and inline with the prior year’s results. We continue to see further progress in our services business. The ratio of enterprise to service provider sales was 71% to 29%, which compares to our historical pattern of 74% and 26% respectively. The decreased percentage of enterprise sales was primarily due to the lower proportion of sales in the Americas region. Sales of new products introduced to market in the past 24 months were 37% compared to 41% in the prior quarter, primarily due to the maturing of our Summit 450 product family. We believe this ratio will increase as the recently introduced BlackDiamond 20-K and Summit 650 product lines begin ramping during the coming quarters. The ratio of stackable and modular product sales was 67% and 33% respectively and inline with our historical pattern. Looking at revenues by geography for the quarter; revenue in North America was $33.4 million which compares to $35.7 million in Q1 and $40.5 million in the year ago quarter. We continue to see a slowing of business in North America, as a result of the ongoing macro-economic downturn in the United States. Product and services revenue in…

Thank you, Karen. This concludes our prepared remarks and we are now ready to take your questions.

(Operator Instructions) Your first question comes from Samuel Wilson - JMP Securities.

Hello, this is Doug Ireland for Sam Wilson. I was wondering if you have considered a reverse stock split, as your stock is down between $1 and $2?

Yes, good question. These are all pieces of the planning process. Those kinds of things, stock buybacks and so on that the Board considers from time-to-time and these are discussions that I and the Board have on a regular basis. For now, we felt that we are in the correct position. If the Board were to arrive at a different conclusion, obviously we would take action.

Do you consider the Dutch tender that you carried out in the quarter successful?

Well, certainly the Dutch tender achieved its goal. We wanted to retire a $100 million worth of stock at that point in time and we were able to reduce our outstanding shares by something close to 25%. So from that point of view, it met the needs.

(Operator Instructions) Your next question comes from Rohit Chopra - Wedbush Morgan.

This is actually [Sam] for Rohit Chopra. On the European service provider sales, we asked this question last quarter, but could you give us an update on where we are in the implementation cycle?

That’s right, the question was asked last quarter. We have a lot of service providers in various parts of the world and all in different stages of where their life cycles might be. So we don’t have obviously precise data for any one. We believe that they are continuing their implementations and we continue to work with them on an ongoing basis.

I mean, but overall generally do you feel like we are still in the beginning phases or we’re mid-cycle?

Well, it depends on the particular carrier. I mean, some of them are just beginning deployments. For example, the Moscow government one, we put it under the enterprise category. It’s really very much of a carrier kind of deployment. Those are long ways to go there and some of them are a little further down the line. You’ve seen that over the last few quarters our Carrier business continues to be pretty healthy. We believe we’ve got good products and not only are we continuing with the deployment of these carriers, but we are continuing to work and find other carriers that over time will begin to begin new deployments.

Great and then Karen maybe just a follow-up on service gross margin; there’s a nice bump-up there. Now, how sustainable is that going to be to get to north of 50% gross margins on the services side?

Well, we’ve been looking at our service provider business quite some time and we’ve have been talking about that. In looking at that business over the last few quarters, it has stabilized I would say in the low 50’s range.

Great and one final question on R&D, that was down; you mentioned last quarter that it probably would be down. It was a little bit more than I was expecting. Is there anything else in that number that’s maybe like one time?

R&D bounces around. It was up kind of last time because as I was telling you we were sort of in the final phases two of major problems, the X650 and the BD 20K. We are winding down a little bit of those and we are a bit in a lull and I’m sure there’ll be other programs that are going to be coming along. Now all that said, we are watching our R&D expenses very carefully like all of the other expenses in the company and we continue to focus our resources where they need to be.

(Operator Instructions) and management, I am showing that there are no further questions. I’ll turn it back to you for closing comments.

Well, thank you Mary. Thank you all for joining us this afternoon. I want to thank all of our employees for their dedication and effort, especially during these challenging times. We look forward to speaking with all of you again at our next conference call. Thank you.

Thank you. Ladies and gentlemen that will conclude today’s teleconference. If you would like to listen to a replay of today’s conference, please dial into 303-590-3000 or 1800-405-2236 and enter the access code of 11124856#. We thank you again for your participation and at this time you may disconnect.