Operator: Good afternoon and welcome to Pitney Bowes Fourth Quarter and Year-End 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 the 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 IR 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 first quarter and the year. Murray?
Murray D. Martin - Chairman, President and CEO: Thanks, Charlie. Good afternoon, and thanks for joining us today. Let me start by sharing some thoughts on our business. Mike will follow with the details on our fourth and full year results, and I'll provide full year guidance for 2012. After the presentation, we will take your questions.
2011 was a year in which we continued to make progress and laying the foundation for longer term growth and value creation. We are pleased that we were able to achieve our original earnings objective and exceed our cash flow target despite a business environment that remained unexpectedly challenging throughout the year. As part of our Strategic Transformation Program, we continued to take actions to streamline our business processes and improve the way we interact with our customers.
Our cost structure is now more variable and efficient and as a result we achieved EBIT margin improvement for the year on our adjusted results despite lower revenues. However, before I discuss some highlights of our fourth quarter performance I want to put our long-term growth strategies into perspective. Our growth strategies are grounded in an understanding of the fundamental changes in the way businesses and customers communicate. Historically, when businesses communicated with customers, it was largely around transactions and primarily through physical channels.
The business communications landscape is much more complex today. Now businesses are communicating with customers more frequently through multiple channels in an effort to stay connected in hypercompetitive global markets. Customers are seeking more control as they search for timely relevant offers in the midst of an abundance of information from multiple sources.