Question-and-Answer Session
Operator
(Operator Instructions) At this time, I am not showing any questions. You may proceed with your presentation and any closing remarks. We do have a question from the line of Dan Berkley with O’Conner.
Dan Berkley - O’Conner
What’s the timing during the second and fourth quarter of the Fujitsu receivables and what was the thought process on taking in the second and fourth quarter?
Bruno Guilmart
The timing was early in the second and fourth quarter, roughly in the April and October time frame. The rationale for holding back a portion, by the way, of that money was it was a better use of cash going forward, at the same time, maintaining strategic relationships with Fujitsu as our sole source for all of our advanced technologies.
Dan Berkley - O’Conner
So making some assumptions on high levels of burn, you could have over $50 million of cash or I’m sorry, 30 plus the 50, $80 million of cash sometime in the middle of the June quarter, what are the priority uses of cash?
Bruno Guilmart
As you have probably also seen, we’ve announced our share buyback program for $20 million in December. So as we move forward, we may use some of that cash for that purpose, but the bottom line is given the current environments, we believe having a strong balance sheet is critical and we want to keep flexibility going forward with having plenty of cash given the current environment that we’re in.
Dan Berkley - O’Conner
I assume if it wasn’t in the press release you didn’t buy back any stock in the December quarter.
Bruno Guilmart
No, we did not.
Operator
(Operator Instructions) There are no questions at this time, sir.
Bruno Guilmart
Okay. That concludes the call. Thank you, everybody.
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