Question-and-Answer Session
Operator
(Operator Instructions) Our first question comes from the line of Sid Parakh of McAdams Wright Regan. Please go ahead.
Sid Parakh
Good morning gentlemen. Congratulations on the great quarter. Can you elaborate a little more about the economic impact? One of the things I was trying to get to was what would revenues have looked like if you don’t account for the foreign exchange currency impact?.overall revenue growth?
Doug Fletcher
Overall revenue growth for the quarter was 18% Sid. If you eliminate the foreign currency impact year-over-year revenue’s would have been up 13%.
Sid Parakh
13% okay. So you have talked about how you have a broad base of products and market, but longer term given all the headwinds we have do you have any concerns in any specific areas outside of the ones you have mentioned?
Charlie Brown
I come back to the balanced portfolio approach. We have rotating concerns through our markets. If you just look at the last 2-3 quarters we have had certain parts of our portfolio up and certain parts down. It seems to be the nature of this business that tends to rotate through certain areas. As I mentioned, Asia and aerospace as opposed to our core systems business in some of our larger markets. I have I guess a realistic view that there will be soft pockets. I’m not going to sit here and predict where those soft pockets will be but that is the history of the business. That is the future we face into. Despite all that, like I said, we still feel good about our 10% revenue growth, 20% EBITD growth on an annual basis going forward.
Sid Parakh
Okay a question on Asia. The sequential increase was pretty significant. It was up 72%. Were there any one time events or items or should we reconsider this as maybe the base case for forecast future revenue?
Charlie Brown
I guess I would kind of be in the middle there. I wouldn’t say that we should expect that Asia is going to snap back or have some kind of step function improvement in the future because as we’ve said in the past if we go back to the situation that has evolved we are coming from a situation where 1-2 years ago there was a lot of volume on the Nanojet – the flash memory cutting machine that we have and sold a lot of – and management in the region at that time shifted all the resources to that very, very strong opportunity that presented itself. The opportunity costs of that shift was in the basic, normal day-to-day more consistent job shop type of business. So it has taken us a while to build that momentum back and get those leads going and follow up on those leads and turn them into orders. So that’s what you’re seeing as this is starting to get a little bit of traction. But I would not present it as a continuing leapfrog type of approach going forward. We feel that it is improving and it is headed in the right direction there.
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