During this quarter there were several factors that drove the 6% per share loss. Dennis will these factors in his remarks after mine. But we don’t breakout revenues in individual markets. I want to share with you some relevant sales comparison and market projections.Compared to the first six month period last year our NAFTA truck sales were up 4%. I recently have the opportunity to review the Heavy Duty Manufacturers Association, supplier parameter, with surveys executives of many of the suppliers to the truck industry in North America. The results of the survey for North American class 8 market for 2010, is that it will improve modestly from 2009 to 121,000 units, while the class 5 to 7 markets will reach 94,000 units this year. The Heavy Duty Manufacturers Association member forecast for the North American class 8 production in 2011, is 160,000 units, while the class 5 to 7 forecast is a 103,000 units. While these forecasts are not as optimistic at some of the more scientific market forecasters this is still welcome change from where we are today. The NAFTA truck market is almost 20% of our business, and we were preparing ourselves to take advantage of the rebound in this market when it occurs. The off-road market was up 42% for us in the first half of the year, compared to the same period last year, driven by an improving economy, new customers and the recent military vehicle contract. We see the military business has remained stable throughout this fiscal year. We were particularly impressed with the strength of our international sales in the first six months of this fiscal year when compared to the same period last year. The European business is rebounding from extremely depressed period last year. It is up 28%, compared to the same six month period last. With the current fundamentals, we really don’t see much more improvement in this market until mid to late 2011.
One bright spot is, that we have been selected by a number of European construction equipment OEMs to be the supplier on equipment using the new Phase IIIb, I’m sorry, Phase IIIb electronic engines that would be execute in January of 2011.Our business in China was up 77% during the first six months of the year, compared to last year. This was a result of improving penetration of European engines at the truck OEMs and the addition of two new off-road equipment customers last year. Our sales in India for the first six months were up a 145%, compared to the same period last year, while this is a large increase. It’s from a relatively small base. We have been very successful in India securing business at major OEMs in this market as we have discussed in previous calls. Current phase, a mission mandated trucks that will use electronic pedals will begin in October 2010. Last month we announced the opening of our plant in Pune, India to supply the commercial truck in automotive industry. We will be in production later this year. We saw a substantial increase in the Korean market. It was up 128% as the market rebounded from the same six month period last. As you may know, we have a strong position in the Korean market with sales of almost $2 million in the first six months. We will also benefit from new business in Korea that will impact sales in 2011. After the clash of the Russian business last year as a result of lower oil prices, our business is up substantially this year from the same six month period last year. We are also working hard to increase our share of this market. Read the rest of this transcript for free on seekingalpha.com