Operator: Ladies and gentlemen, good afternoon and welcome to the Pitney Bowes Third Quarter 2011 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. 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 2010 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 then our 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. Murray?
Murray D. Martin - Chairman, President and CEO: Thanks Charlie. Good afternoon and thanks for joining us. Let me start by sharing some thoughts on our performance. Mike will follow with the details on our third quarter results and I'll discuss our guidance for the full year. Afterwards, we will take your questions.
Our performance this quarter reflects both the adverse impact of sustained economic uncertainty on most of our global customer base, as well as the positive effect of our strategic transformation initiatives. We experienced revenue weakness throughout much of our business, as the global economic environment affected buying confidence and delayed some capital and lease commitments. The notable exception was our software business, which experienced a 15% increase in revenue during the quarter. This growth was fueled by strong demand for our software solutions, particularly in the Americas and Asia-Pacific. We are pleased that the ongoing execution of our strategic transformation initiatives, enabled us to improve profitability in the third quarter, despite the revenue challenges.
During the quarter, EBIT and EBIT margin grew in International Mailing, software and Mail Services, and EBIT margin also improved in North America mailing. Excluding the impact of the insurance reimbursement we received this quarter, presort network efficiency gains drove ongoing improvement in EBIT at Mail Services. The net insurance recoveries during the quarter, neutralized the losses we experienced in the first two quarters of the year, related to the Dallas fire.