Cal will now cover some specifics related to the financial performance of the company. Cal?
Thanks, Josh. Overall, the second quarter trended better than we anticipated this year, and we have continued to refine our forecast for the balance of 2010 accordingly.
Second quarter 2010 operating margin was 15.3% of sales, or $22.7 million of operating income. This represents an increase of $10.8 million from last year's second quarter. EBITDA, as defined by our senior credit agreement, was $30.1 million in this year's second quarter, and $110.1 million for the trailing 12 months ended June 30, 2010. Second quarter 2010 EBITDA was $12.5 million above the second quarter of 2009, a reflection of EBITDA margin of 20.2%. Overall leverage was 2.6 times EBITDA, and our net leverage ratio was 1.9 times EBITDA.Our core business, the Outdoor Products segment, increased sales by $34.7 million or 31.5% from the second quarter of 2009. The year-over-year growth in the second quarter was driven by $35.2 million of higher unit volumes compared to 2009, offset slightly by lower average prices due to currency trends and customer mix. Second-quarter sales for the original equipment manufacturer channel improved, and as result, average pricing slightly went up. In comparison to a relatively weak second quarter of 2009, segment international sales gained approximately 41% in the second quarter of 2010, and domestic sales also improved, increasing nearly 14%. Domestic sales in general were driven by continued sell-through of products, as well as associated restocking through the supply chain. Sales were up significantly in both replacement and OEM channels in the second quarter of 2010 as compared to 2009. Replacement channels were up 29%, with sales gaining the most in Europe and South Asia, consistent with international sales growth trends. OEM sales growth out of first quarter of 2010 strength in the U.S., South Asia, and Europe, and were up year over year by 39%, as end-user demand has picked up for those customers. Sales at concrete cutting products were up about 34% from the second quarter of 2009, as market conditions continue to improve. Read the rest of this transcript for free on seekingalpha.com