Operator: Good day and welcome to the Fairchild Semiconductor Third Quarter 2010 Earnings Conference Call.
Now, at this time, I'd like to turn the conference over to Mr. Dan Janson. Please go ahead, sir.
Dan Janson - VP, IR: Good morning, and thank you for dialing into Fairchild Semiconductor's third quarter of 2010 Financial Results Conference Call. With me today is Mark Thompson, Fairchild's President and CEO and Mark Frey, our Executive Vice President and CFO.
Let me begin by mentioning that we will be attending the Merriman Curhan Ford Investor Conference on November 16 in New York and the Credit Suisse Technology Conference in Scottsdale on November 30.
We'll start today's call with Mark Frey who will review our third quarter financial results and discuss the current status of fourth quarter business. Mark Thompson will then discuss our product line results, end markets, and operational performance in more detail. Finally, we'll reserve time for questions and answers. This call is scheduled to last approximately 60 minutes and is being simultaneously webcast from the Investor Relations section of our website at fairchildsemi.com. A replay for this call will be publicly available for approximately 30 days.
Fairchild management will be making forward-looking statements in this conference call. These statements, including all statements about future results and performance, are made based on assumptions and estimates that involve risks and uncertainties. Many factors could cause actual results to differ materially from those expressed in forward-looking statements. A discussion of these risk factors is provided in the quarterly and annual reports we file with the SEC.
In addition, during this call, we may refer to adjusted or other financial measures that are not prepared according to Generally Accepted Accounting Principles. We use these non-GAAP measures because we feel they provide useful information about the operating performance of our businesses that should be considered by investors in conjunction with GAAP measures that we also provide. You can find a reconciliation of non-GAAP to comparable GAAP measures at the Investor Relations section of our website at investor.fairchildsemi.com. The website also contains the 2010 Q3 factsheet and a financial section with updated unaudited financial highlights including detailed breakouts of segment and regional revenues, gross margins, EBIT, and EBITDA.
Now, I'll turn the discussion over to Mark Frey.
Mark S. Frey - EVP, CFO and Treasurer: Thanks Dan. I'm sure most of you had a chance to review our earnings release, so I'll just focus on the key points. We delivered another quarter of solid financial performance as we expanded adjusted gross margin and earnings for the sixth quarter in a row. We continue to benefit from high sales of new products, which are driving a richer mix, and expect to improve margins again in Q4.
Let's review some of the details starting with the income statement. For the third quarter of 2010 Fairchild reported sales of $414 million, up 1% sequentially and 25% higher than the third quarter of 2009. We reduced production and constrained shipments in the distribution late in the quarter to ensure that channel inventories would be quick.