Operator: Good day, and welcome to The New York Times Company Second Quarter 2010 Earnings Conference Call. Today's call is being recorded. A question-and-answer session will follow today's presentation. (Operator Instructions).
For opening remarks and introductions, I'd like to turn the call over to your host Ms. Paula Schwartz, Director Investor Relations. Please go ahead, Ma'am.
Paula Schwartz - Director IR: Thank you, Jason, and good morning, everyone. Welcome to our second quarter 2010 earnings conference call. We have several members of our senior management team here to discuss our results with you, including Janet Robinson, President and CEO; Jim Follo, Senior Vice President and Chief Financial Officer; Martin Nisenholtz, Senior Vice President, Digital Operations; Denise Warren, Senior Vice President and Chief Advertising Officer, The New York Times Media Group and General Manager, NYTimes.com; and Roland Caputo, Senior Vice President and Chief Financial Officer, The New York Times Media Group
All comparisons on this call will be for the second quarter of 2010 to the second quarter of 2009 unless otherwise stated. Our discussion will include forward-looking statements and our actual results may differ from those predicted. Some of the factors that may cause them to differ are included in our 2009 10-K.
Our presentation will also include non-GAAP financial measures, and we have provided reconciliations to the most comparable GAAP measures in our earnings press release, which is available on our corporate website, at www.nytco.com.
With that, I'll turn it over to Janet.
Janet L. Robinson - President and CEO, The New York Times Company: Thank you, Paula, and good morning, everyone. We were very pleased to report persistent strength in our operating performance for the second quarter, with June wrapping up on especially solid footing. We saw further positive trending in both print and digital advertising revenues and ended the quarter roughly flat in overall advertising revenue versus the second quarter of 2009. While we know our work is not done, let us reflect for just one moment what a difference a year has made.
The key elements that converged to deliver this quarter's strength are the recovering advertising market, the impact of having taken costs out of the business, and our consistent moves into digital platforms. In the second quarter, while we experienced month-to-month volatility, we saw a firming in the rate of advertiser spending across our newspapers, websites and other platforms. The Company's declining operating expenses also contributed to the growth in our operating profit. Some of the actions that supported our successful efforts were; managing cost even as we invest in new products, expanding our digital offerings as we head towards a launch of NYTimes.com pay model, and step up our mobile efforts including our recently released iPad and New York Times Scoop apps, leveraging our brand promise of high quality journalism that engages audiences across multiple platforms, and realigning our asset portfolio to support our core operations.