Yahoo! is holding its first quarter earnings call. I quickly skimmed the conference call materials and the only reference to Microsoft is the $14 million Yahoo! has spent on outside advisors regarding Microsoft's unsolicited bid.

The numbers: Net income for Q1 2008 was $542 million, compared to $142 million during the same period in 2007. That number includes one-time gains from its investment in Alibaba.com. Without that, profits are $150 million, down from $154 million last year.

And now to Jerry Yang, Yahoo! CEO, and the Microsoft bid:

"After a careful evaluation, our board of directors determined that Microsoft's offer substantially undervalues Yahoo ... Yahoo has a unique and valuable combination of assets that include our global brand, large worldwide audience, our leadership in online advertising, strategic position in Asia, emerging mobile markets, ... tools and technology. The board's decision was based on the strength of our business and our operation and financial plan. We gained significant traction in 2007 and believe that momentum will continue. The board and management team continue to be open to any and all alternatives, including a sales to Microsoft. We are exploring a number of strategic alternatives, which we believe will help achieve over-arching goal of maximizing shareholder value. [Yahoo] will not enter into any transaction that does not recognize the full value of this company."

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