Question-and-Answer Session
Operator
(Operator Instructions) Your first question comes from Richard Valera - Needham & Company.
Richard Valera - Needham & Company
You obviously made the quarter but you reduced the outlook. Can you comment on your bookings expectations for both the quarter and for the year? I think you had been looking for bookings in the $185.0 million to $200.0 million range for fiscal 2009. Have you updated that target?
Peter S. Teshima
We actually have not. I made that comment during the last call. You know, we traditionally, or historically, don’t comment on the current quarter bookings and we are not going to start that today. But rest assured that we will be focused on controlling the costs commensurate with these revenue streams, supplemented with what the current market will give us.
Richard Valera - Needham & Company
And how about your fiscal 2010 guidance, which you had issued last quarter? Understanding long way out, but any update on that or are we differing on that at this point?
Peter S. Teshima
We are. Just given the lack of visibility, we thought it prudent to remove the 2010 to prior-2010 guidance and then give you 2010 guidance during the first quarter as we customarily do. So that’s the path that we are going down.
Richard Valera - Needham & Company
And I see your third quarter guidance implies a very sequential drop in opex. Is that all already done through the RIF you announced mid-quarter or are there more cuts planned?
Peter S. Teshima
The bulk of it is done, from the actions that we did take during the second quarter. So the bulk of it is. There are some actions, also, that we put into place this quarter, which we are embarking on now, but the bulk is done.
Richard Valera - Needham & Company
And with respect to cash and liquidity, can you say what your cash from operations was for the quarter and do you have a projection of cash from operations for all of fiscal 2009?
Peter S. Teshima
What we ended up doing was we ended up using about $1.0 million in cash from a cash flow perspective. That was considerably better. Initially we thought we would use anywhere from $5.0 million to $6.0 million so we did a lot better than we anticipated. I am still expecting to use cash this quarter, in the third quarter, then return to positive cash flow in the fourth quarter. That remains the same.
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