We undertake no obligation to publicly update or revise any forward-looking statements. This information may also be accessed by visiting www.francescascollections.com, under the section entitles investor relations.
With that I will turn the call over to John De Meritt.
John De Meritt
Thank you, Jean, and thank you all for joining us today. Before I discuss our Q2 results, I would like to comment on the leadership transition. After spending more than a decade helping grow the company, I decided that the time is right for me to hand over the reins so that I can focus on other interests. As outlined in the release, Neill will be appointed CEO and Theresa will be appointed President effective January 2013.I have enjoyed building a great company and it was important for me to lead the organization to appoint where I felt comfortable transitioning the leadership to others. I had a number of goals that I felt needed to be accomplished for that to happen and I feel confident that those goals have been achieved. First, I wanted to recruit a highly qualified senior management team and I feel that I have done so. I have had the pleasure of working beside Neill and Theresa over the past five years and know that they along with the balance of the team are more than capable of continuing to lead Francesca’s success.Second, I wanted to build a strong balance sheet. During the third quarter we plan to pay off the remaining $2 million balance on our revolving credit facility and the company will be debt free. So I feel that I have accomplished that goal as well. Third, I wanted to build an infrastructure that could support the company's growth plan. Putting in place the processes and controls to be a public company, the new corporate office and distribution center, the rollout of the JDA platform and the launch of the ecommerce site provides the company a solid foundation.
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