) have plummeted 20 percent to $20.75 after the company announced preliminary first quarter results. Gigamon expects revenue for the first quarter to be approximately $31.0 million to $31.5 million, below the company's previously stated guidance of $34.0 million to $35.0 million. The shortfall was primarily attributable to one expected large transaction from an existing customer in EMEA that did not materialize. The lower gross margins are due to an excess inventory charge of approximately $2.3 million in the quarter related to the transaction in EMEA that did not materialize and other changes in our product mix. Without the charge, GAAP gross margins would have been approximately 77 percent to 78 percent and non-GAAP gross margins would have been approximately 78 percent to 79 percent as discount trends fell within historical norms. Chief Executive Officer Paul Hooper, “did not see any material change within the competitive landscape during the first quarter and encouraged by our initial assessment of our second quarter pipeline.”