The words "expect," "will," "should," "would,""anticipate," "project," "outlook," "believe," "intend," and similar phrases asthey relate to future events are intended to identify such forward-lookingstatements. These forward-looking statements reflect the current views andassumptions of Volterra but are subject to various risks and uncertainties thatcould cause actual results to differ materially from expectations. Among thefactors that could cause actual results to differ materially from those in theforward-looking statements are the following: risks related to our ability tomaintain revenue growth or other financial results; risks related to ourdependence on a limited number of customers; risks related to the limitedmarkets we operate in and the limited number of products we sell; risks relatedto the quality of our products or the management of our inventory; risks relatedto our relationship with our vendors and contractors; intellectual propertylitigation risk; and other factors detailed in our filings with the Securitiesand Exchange Commission, including the annual report on Form 10-K filed on March5, 2008 and the Form 10-Q filed on October 30, 2008. You are cautioned not toplace undue reliance on these forward-looking statements, which speak only as ofthe date of this press release. 
All forward-looking statements are qualified intheir entirety by this cautionary statement, and Volterra undertakes noobligation to revise or update any forward-looking statements to reflect eventsor circumstances after the date hereof, except as required by law.VOLTERRA SEMICONDUCTOR CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share amounts) Three Months EndedTwelve Months Ended December 31,December 31, - - 2008 2007 2008 2007 (Unaudited)(Unaudited)(Unaudited)(Audited) Net revenue $ 21,865 $ 19,781 $104,155 $ 74,689 Cost of revenue 9,6178,830 45,217 37,906 Gross margin 12,248 10,951 58,938 36,783 Operating expenses:Research and development 6,3066,045 26,090 23,285Selling, general and administrative 4,8963,541 18,892 15,081 Total operating expenses11,2029,586 44,982 38,366 Income (loss) from operations1,0461,365 13,956 (1,583) Interest and other income1125841,0732,482 Interest and other expense (42) (11)(214) (95) Income before income taxes1,1161,938 14,815804 Income tax expense (benefit)22(58) 557236 Income before cumulative effect of accounting change 1,0941,996 14,258568 Cumulative effect ofaccounting change, net 255 Net income $1,094 $1,996 $ 14,258 $313 Net income per share:Basic: Net income per sharebefore cumulative effectof accounting change $ 0.05 $ 0.08 $ 0.60 $ 0.02 Cumulative effect ofaccounting change (0.01) Net income per share $ 0.05 $ 0.08 $ 0.60 $ 0.01 Diluted: Net income per sharebefore cumulative effectof accounting change $ 0.04 $ 0.08 $ 0.57 $ 0.02 Cumulative effect ofaccounting change (0.01) Net income per share $ 0.04 $ 0.08 $ 0.57 $ 0.01 Weighted average sharesoutstanding:Basic23,519 23,753 23,750 24,332 Diluted24,574 25,597 25,201 26,302 Includes stock-basedcompensation expenseas follows: Cost of revenue $ 54 $(50)$232 $190 Research and development 5554561,9652,242 Selling, general, andadministrative4751861,9251,548 Total stock-based compensation expense$1,084 $592 $4,122 $3,980 VOLTERRA SEMICONDUCTOR CORPORATION AND SUBSIDIARIESRECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES(In thousands, except per share amounts) (Unaudited) Three Months Ended December 31, 2008Effect of Stock-basedGAAP Compensation Non-GAAP Gross margin $ 12,248 $(54)$ 12,302 Gross margin 56.0-0.356.3 Operating expenses: Research and development $6,306 $555 $5,751 Selling, general andadministrative 4,896 $4754,421 Total operatingexpenses$ 11,202 $1,030 $ 10,172 Income from operations $1,046 $ (1,084)$2,130 Operating margin 4.8-4.9 9.7 Annual effective tax rate3.8 0.9 2.9 Income tax expense (benefit) $ 22 $(30)$ (8) Net income $1,094 $ (1,114)$2,208 Diluted net income per share $ 0.04 $(0.05)$ 0.09 Three Months Ended December 31, 2007Effect of Stock-basedGAAP Compensation Non-GAAP Gross margin $ 10,951 $ 50 $ 10,901 Gross margin 55.4 0.355.1 Operating expenses: Research and development $6,045 $456 $5,589 Selling, general andadministrative 3,5411863,355 Total operatingexpenses$9,586 $642 $8,944 Income from operations $1,365 $ (592)$1,957 Operating margin 6.9-3.0 9.9 Annual effective tax rate 29.424.2 5.2 Income tax (benefit)expense $(58)$190 $132 Net income $1,996 $ (402)$2,398 Diluted net income per share $ 0.08 $(0.01)$ 0.09VOLTERRA SEMICONDUCTOR CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS(In thousands) December 31,September 30, December 31,2008 2008 2007 (Unaudited)(Audited)Assets Current assets: Cash and cash equivalents $ 46,893$ 58,007$ 47,414 Short-term investments10,461 5,955 Accounts receivable, net12,07312,54112,318 Inventory 13,66811,124 6,185 Prepaid expenses and othercurrent assets2,507 2,041 1,764 Total current assets 85,60289,66867,681 Property and equipment, net5,285 5,773 5,647 Other assets 405 506 767 Total assets $ 91,292$ 95,947$ 74,095 Liabilities and Stockholders' Equity Current liabilities: Accounts payable$5,834$5,621$5,127 Accrued liabilities8,073 9,059 4,680 Total current liabilities13,90714,680 9,807 Lease incentives 688 748 930 Other long-term liabilities784 Total liabilities 15,37915,42810,737 Commitments and contingencies Stockholders' equity: Common stock242424 Additional paid-in capital 102,612 100,84894,410 Accumulated deficit(16,818)(17,912)(31,076) Treasury Stock(9,905) (2,441) Total stockholders' equity 75,91380,51963,358 Total liabilities andstockholders' equity $ 91,292$ 95,947$ 74,095 -0-CONTACT:Volterra Semiconductor Corporation Investor RelationsHeidi Flannery(510) . ) (Aaron Torres is an accomplished journalist whose work has been published in Sports Illustrated, USA Today, and AOL . To read all his work, click here, or visit him at ) Ive got bad news for Florida fans: Your football team isnt as good as last years.But Ive also got some good news: It might not matter.On Saturday Florida played an SEC slugfest with LSU that made the next days NFL action look tame by comparison It was physical and it was nasty. Ive honestly seen MMA fights with less blood-shed then the Gators 13-3 victory in Death Valley.The story coming into the game was Tim Tebow, and the concussion that left him more woozy than Courtney Love after a night out on the town. Could he play Could he be effective Would there be a pre-game prayer without himAnd when Urban Meyer came out and said that not only would he play, but that the game-plan might be altered a little to protect him, I thought the Gators were in trouble.
He chest-bumped teammates and yelled words of encouragement on the sidelines. He even channeled his old missionary work, and circumcised a few LSU players at halftime (Ok that last one might not have happened.)Most importantly though, if this guy was feeling the effects of the concussion, then I might need to get my own head checked. He was the same leader and superstar he seems to be every Saturday.Watching the game on CBS, Gary Danielson described the win better than I could have, calling it mature, which is exactly what it was. A week ago Georgia couldnt beat LSU because they gave up too many big plays and got too many inopportune penalties (even if one in particular was completely bogus). Florida on Saturday was the exactly opposite, and played about as mistake free as you can.But watching this game, it just felt like something was just missing, like Florida just isnt as good as a year ago.
December existing home sales accelerated to a 4The after tax impact of this charge was 383 cents in the fourthquarter of 2007 and 5On January 15 2009 the Company issued 254We are delighted to be partnering with them inthis venture290 with 17 home runs and 75 runs batted inHeadquartered in Indiana PA ST Bancorp IncWestern Asset Emerging Markets Debt Fund Inc00 Total Net Assets135391624 Market Price65 a year ago Total expenses decreased 15 percent
