Operator: Good day, and welcome to The New York Times Third 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 of Investor Relations. Please go ahead.
Paula Schwartz - Director, IR: Thank you, and good morning, everyone. Welcome to our third 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; Scott Heekin-Canedy, President and General Manager of the Times; and Martin Nisenholtz, Senior Vice President, Digital Operations.
All comparisons on this conference call will be for the third quarter of 2010 to the third 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.
Now, I'll turn over the call to Janet.
Janet L. Robinson - President and CEO: Thank you, Paula, and good morning everyone. Our third quarter results demonstrate our ability to manage our business amidst both uneven economic conditions in a period of intense transition for our industry. Our print advertising trends and the steadfast growth of our digital advertising numbers are further proof of our determination and resilience under these circumstances.
While we have already been successful and greatly reducing our overall costs, we did continue to find ways to manage our expenses in the quarter, while maintaining our quality journalism and further investing in our digital strategy.
In ending the quarter, slightly down in overall advertising revenue versus the third quarter of 2009, we have further confirmation that the path toward economic recovery will not always be a direct one, but let us not lose sight of the larger picture. We have made substantial progress so far this year and we remain confident in our long-term strategy.
Some of the Company's actions that informed that confidence were rigorously controlling our expenses with the 2009 cost reengineering presenting formidable comparison numbers, expanding our digital offering such as with the launch last week of our new NYTimes app for the iPad and the impending introduction of NYTimes.com pay model continuing to keep our brand promise of high quality journalism, as our very tough priority and investing in our asset portfolio to support our core operations.
In the third quarter, although we experienced marketplace volatility, advertisers sustained their spending levels across our products. We were able to hold the Company's operating expenses to roughly flat in the third quarter, overcoming the fact that 2009 saw the steepest expense cuts in our history, and therefore presented very tough comparable numbers.