Operator: Welcome to the Shaw Group Incorporated Second Quarter Fiscal Year 2012 Earnings Conference Call. My name is Sean and I will be your operator for today's call.
At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session. Please note that this conference is being recorded.
I will now turn the call over to Ms. Gentry Brann. Ms. Brann, you may begin.
Gentry Brann - IR: Thank you, John. Good morning everyone, and welcome to Shaw's second quarter fiscal year 2012 earnings conference call. On the call with me today are Jim Bernhard, Shaw's Chairman, President and Chief Executive Officer, and Brian Ferraioli, Shaw's Executive Vice President and Chief Financial Officer.
This morning, we'll be referencing the slides that are available on our website www.shawgrp.com, but we are having a few technical issues with the Investor Relations page, so if you're not able to access the slides there, they are posted on the homepage of our website and you should be able to access all of the information directly from the homepage.
Now, before we get started, I'd like to ask that you please review the cautionary statement on Slide 2 of the presentation, which addresses the use of forward-looking statements and Regulation G disclosures to our non-GAAP items. We'd ask that you please consider this information with respect to our presentation in today's call.
Now, I'll refer you to Slide 3 and turn the call over to Jim Bernhard.
J. M. Bernhard Jr. - Chairman, President and CEO: Good morning. Our results this quarter were driven by strong operational performance in our Plant Services, Environmental & Infrastructure, and Fabrication & Manufacturing segments as well as the – our nuclear contracts.
Last quarter Arizona Public Service awarded the contract for nuclear maintenance services. This quarter they awarded us a new contract for maintenance services to eight fossil plants. Our Plant Services segment has continued to show strong growth and is now a major entry into these fossil plant nuclear – and fossil plant maintenance business.
Also, as most of you know, Southern Company received a COL for Plant Vogtle in February. The NRC is scheduled to vote on SCANA's COL tomorrow. The COL enables us to begin the majority of the construction at the site. Both companies expected these to come earlier this year, so there's a slight delay in the ramp up of work at the sites.
The regulatory design changes and delay in getting the COLs created additional cost at both projects. Because there were additional costs, the project percent completion calculation changed, which had an adverse effect over the quarter of approximately $8.3 million or $0.08 per share. However, this is just related to timing and we believe the increased costs are recoverable from our clients. We have in fact already reached a preliminary agreement with SCANA.
Our Power segment was negatively affected by net cost increase of approximately ($7.6 million) (sic) ($17.6 million) or $0.16 per share of two coal projects that are nearing completion, while the balance of the projects performed well.