Operator: Welcome to the John Wiley & Sons Quarterly Earnings Call. As a reminder, all lines are on listen-only mode and there will be time for questions and answers at the end of the call. (Operator Instructions).
Before introducing Will Pesce, President and Chief Executive Officer, I would like to remind you this call is being recorded and may include forward-looking statements. You should not rely on such statements as actual results may differ materially and are subject to factors that are discussed in detail in the Company's 10-K and 10-Q filings with the SEC. The Company does not undertake any obligations to update or revise forward-looking statements to reflect subsequent events or circumstances.
Mr. Pesce, please go ahead.
William J. Pesce - President and CEO: Welcome to Wiley's second quarter conference call. I'm with Steve Smith, Ellis Cousens and Brian Campbell. In a moment, I'll ask Steve to provide an overview of Wiley's second quarter and year-to-date performance. After Steve complete these remarks, we will respond to your comments and questions.
As you know, in September, we announced that Steve will succeed me as Wiley's President and CEO upon my retirement at the end of this fiscal year. Steve has been responsible for Wiley's three global businesses since he was appointed to his current role as Executive Vice President and Chief Operating Officer in May of 2009.
In addition, we have developed and implemented succession plans for STMS, Professional/Trade and Higher Education. Steven Miron is leading our STMS business, Mark Allin has assumed responsibility for Professional/Trade, and Joe Heider will succeed Bonnie Lieberman at the end of this fiscal year. This leadership development and succession process has been managed in the same way as we approach everything we do at Wiley; that is, the plans were developed collaboratively and various options were considered thoughtfully, then we focused intensively on execution.
I'm pleased to report that the transition to Wiley's next generation of leadership has been smooth and orderly. I've collaborated with this team for many years. I've been personally involved in their development as leaders. I trust them and I believe in them.
With that as background, Steve will present our results.
Stephen M. Smith - EVP and COO: Good morning. At the midpoint in the year, Wiley's revenue growth is tracking closely to our expectations. The rate of revenue growth in the second quarter, while slower than at the start of the year, is against the backdrop of a very strong second quarter in P/T last year, driven by the timing of the strong transit and year-on-year inventory ordering patterns had a major account.
STMS revenue growth in the quarter is in line with calendar year journals revenue growth of 3%. Higher education growth was again solid, and is consistent with the industry growth. Overall, a sluggish U.S. economy continues to have an effect on retail sales, especially across consumer categories in professional trade.
In the second quarter, driven by the decline in PC, revenue of $442 million increased modestly on a currency neutral basis by 1%, but declined 1% including the unfavorable effect of foreign exchange.