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MTS Systems Management Discusses Q3 2012 Results - Earnings Call Transcript

While I've been here only a short time, given this excellent foundation and strong market position, I'm very excited about the future of the company. I believe that with my passion for our business and an intense focus on delivering sustainable profitable growth, I can help MTS achieve its full potential. I'll comment further on this later in my discussion. So now let's move on to today's agenda and our Q3 results.

For today's call, I will first discuss the key takeaways from our fiscal third quarter, including a recently announced settlement with the U.S. Government and provide some color on our end markets and year-to-date orders. Sue will then walk you through the quarterly financials in more detail. I'll then close with a few comments on our outlook for the remainder of 2012, and the next steps and timing to finalize the key tenets of our multiyear strategy. We'll then open the call for your questions.

There are 4 key takeaways for you for the quarter. First, the company, driven by our Test business had an outstanding quarter, with record high revenue and earnings per share from operations, excellent cash flow and a continuing solid backlog of business. We obtained these results in spite of significant currency headwinds, which were a drag on the results across both of our businesses and in spite of the economic sluggishness in which our Sensors business continues to operate today.

Second, our robust investments in R&D, compliance and project management, processes and systems are continued in the quarter, enabling us to meet our customer commitments, which are at a significantly higher level than ever in supporting our future growth objectives.

Third, we reached a preliminary settlement agreement with the Department of Justice, ending the ongoing investigation. While subject to final approval in Washington, we accrued the agreed-upon settlement amount of $7.75 million in our third quarter, the details of which were announced earlier this week.

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