Operator: Good evening and welcome to the Pitney Bowes' Fourth Quarter and Full Year 2010 Earnings Results Conference Call. Your lines have been placed in a listen-only mode during the conference call until the question-and-answer segment. Today's call is also being recorded. If you have any objections, please disconnect your lines at this time.
I would now like to introduce your speakers for today's conference call, Mr. Murray Martin, Chairman, President and Chief Executive Officer; Mr. Michael Monahan, Executive Vice President and Chief Financial Officer; and Mr. Charles McBride, Vice President, Investor Relations.
Mr. McBride will now begin the call with a safe harbor overview.
Charles F. McBride - VP, IR: Thank you. Good afternoon. Included in this presentation are forward-looking statements about our expected future business and financial performance. Forward-looking statements involve risks and uncertainties that could cause actual results to be materially different from our projections.
More information about these risks and uncertainties can be found in our 2009 Form 10-K Annual Report and other reports filed with the SEC that are located on our website at www.pb.com by clicking on our Company and Investor Relations. Please keep in mind that we do not undertake any obligation to update any forward-looking statements as a result of new information or developments.
Now, our Chairman, President, and Chief Executive Officer, Murray Martin will start with an overview of the quarter and the year. Murray...
Murray D. Martin - Chairman, President and CEO: Good afternoon, and thanks for joining us today. Let me start by sharing some thoughts on our performance. Mike, will follow with the details of our fourth quarter and full year results and I'll provide 2011 full year guidance. Please note that we have provided slides related to the guidance discussion as part of the webcast found in the Investor Relations section of the Pitney Bowes website. After the presentation we will take your questions.
As we anticipated, 2010 was a year in which we had stronger performance in the second half of the year as we saw some initial signs of stabilization in various sectors and geographies. During the year, we continued to execute our Strategic Transformation program in order to lay the foundation for sustained growth and value creation for customers and shareholders alike.
Our transformation initiatives are giving us a more variable cost structure, improved customer processes and infrastructure, as well as greater financial flexibility to continue investing in our future.
Our fourth quarter performance reflects our overall journey to transform the business for enhanced growth. During the quarter, against the backdrop of an uneven global business climate, we continued to make investments in new technologies, enhance the customer experience and streamline our operations.
The benefits from our ongoing actions also helped position us for future quarter in our Small and Medium Business and our Enterprise Business Solutions groups. One key milestone in improvement the trends for the core business during the quarter was year-over-year improvement in equipment sales. This was the second consecutive quarter of year-over-year equipment sales growth in our global SMB operations and on a consolidated basis.