Operator: Good day everyone and welcome to the Fairchild Semiconductor Fourth Quarter and Year-End 2011 Earnings Conference Call. Just a reminder, today's call is being recorded.
Now, for opening remarks and introductions, I will turn the conference over to Mr. Dan Janson. Dan, please go ahead.
Dan Janson - VP, IR: Thanks. Good morning and thank you for dialing in to Fairchild Semiconductor's fourth quarter and full year 2011 financial results conference call. With me today is, Mark Thompson, Fairchild's President and CEO; and Mark Frey, our Executive Vice President and CFO.
We'll start today's call with Mark Frey, who will review our fourth quarter financial results and discuss the current status of first quarter business. Mark Thompson will then discuss our product line results, end market and operational performance in more detail. Finally, we will reserve time for questions and answers.
This call is scheduled to last approximately 60 minutes 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 file 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 within GAAP measures that we also provide.
You can find a reconciliation of non-GAAP to the comparable GAAP measures at the Investor Relations section of our website at investor.fairchildsemi.com. The website also contains a variety of useful information for investors, including an extensive financial section to facilitate your investment analysis.
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 release, so I'll focus on just the key points in my comments. Overall demand was lower than expected in the fourth quarter with distribution sell through down 20% sequentially and sales into our direct OEM customers about 6% lower than the prior quarter.
As we discussed in our earnings call last quarter, our primary focus in this time of demand uncertainty is managing our distribution channel tightly while reducing inventories and expenses. We made progress in all these areas and plan to maintain this discipline in the first quarter. Let's review some of the details starting with the income statement.