Operator: Good day and welcome to the Fairchild Semiconductor Fourth Quarter and Yearend 2010 Earnings Conference Call. As a reminder, today's conference is being recorded.
At this time, I would 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 fourth quarter and full year 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'll be attending the Stifel Nicolaus Technology and Telecom Conference on February 10 in San Francisco.
We'll start today's call with Mark Frey, who will review our third quarter financial result and discuss the current status of first 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. The 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 filed 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 non-GAAP measures because we believe 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. Website also contains 2010 Q4 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. Good morning and thank you for joining us. I'm sure most of you had a chance to review our earnings press release, so I'll focus on just the key points in my comments. We delivered solid financial results in Q4 and all of 2010, due to continued improvements in our product mix and costs. We also achieved record gross margin percent for the quarter, while maintaining lean inventories exiting the year.
Let's review some of the details starting with our income statement. For the fourth quarter of 2010, Fairchild reported sales of $398 million, down 4% sequentially, and 12% higher than the fourth quarter of 2009. We shipped less into the distribution channel than we sold through to keep inventories very lean.