Balance sheet performance remained strong and improved during the quarter, enabling us to preserve gross margins despite the impact of seasonality and an unexpected slowdown in end-user demand in the North and Latin American enterprise markets.
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The handheld industry has started to move into a more favorable period after a year of significant difficulties and overall shrinkage.
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While we remain optimistic about the long-term growth opportunities in the sector, we are disappointed that we will not meet our revenue and profitability goals this quarter.
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Silicon Valley is a hotbed of innovation in wireless technologies. Establishing a ubiquitous network will enable the deployment of a new generation of broadband services for our entire community, including small businesses, schools, non-profits, and all the citizens of our region.
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Tangible progress across virtually every aspect of our income statement and balance sheet gives us increased confidence in our ability to execute and to return to profitability.
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Over the quarter, our pro forma gross margins grew to nearly 35 percent, we generated positive cash flow from operations, and channel inventory remained within our desired range. And we have positioned the company to address broader market opportunities with innovative new products this fall and when the industry moves to a new growth phase.
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