Operator: Ladies and gentlemen, thank you for standing by, and welcome to the Actuant Corporation's Quarter Earnings Conference Call. We are conducting a live meeting to coincide with the audio conference. If you would like to view the presentation online, please refer to your meeting invitation for details.
During the presentation, all participants will be in a listen-only mode. Afterwards, we'll conduct the question-and-answer session. As a reminder, this conference is being recorded on Wednesday, March 20, 2013.
It is now my pleasure to turn the conference over to Karen Bauer, Communications and Investor Relations Leader. Please go ahead Ms. Bauer.
Karen Bauer - Communications and IR: Good morning. Welcome to Actuant's second quarter fiscal 2013 earnings conference call. On the call with me today are Bob Arzbaecher, Actuant's Chief Executive Officer; Mark Goldstein, Chief Operating Officer; and Andy Lampereur, Chief Financial Officer.
Our earnings release and the slide presentation supplementing today's call are available in the Investors section of Actuant's website.
Before we start, let me offer the following cautionary note. During this call, we will be making forward-looking statements within the meaning of the Private Securities Litigation Reform Act. Investors are cautioned that forward-looking statements are inherently uncertain and that there are a number of factors that could cause actual results to differ materially from these statements. These factors are outlined in our SEC filings.
Consistent with prior quarters, we'll utilize the one question and one follow-up rule in order to keep today's call to an hour. Thank you in advance for following this practice.
With that, I'll turn the call over to Bob.
Bob Arzbaecher - Chairman, President and CEO: Thank you, Karen, and thanks to all of you for participating in our second quarter earnings call. We were satisfied with our results which came in at the high end of our guidance range. Back on December's earnings call we said we expected the second quarter would look a lot like the first quarter and that’s what happened.
Core sales were down 6% compared to 7% in the first quarter and margins and earnings declined year-over-year as expected.
While consolidated results were in line with expectations there were some puts and takes between and within the segments, that we'll provide more color on today. Certain parts of Electrical and Engineered Solutions segment came in better than we anticipated while others were negatively impacted by customer inventory destocking and program launch delays. Industrial is 1% core sales growth was in line with our expectation. The Energy segment saw moderating results sequentially largely due to a robust 27% core sales growth comparable from a year ago. We feel we've arrived at an inflection point in the fiscal year with the first half down on a year-over-year basis in sales and profits, but the second half expected to grow. We'll expand on this later in the call. Andy will go through the details of the second quarter, then Mark and I will come back and cover a few other topics including guidance. Andy?