I will now turn it over to Frank.Frank Ten Brink. Thank you. The results for the second quarter are as follows. Revenues grew $58.5 million to $347.7 million up 20.2% from $289 million in the second quarter of 09. Domestic internal growth excluding returns management was up 8.1% and international internal growth adjusted forex change was up 9.4%. Domestic internal growth consists of SQ of 9% and large quantity of 6%. Regulated recalls and returns management services revenues were $25.4 million. The gross profit was $161.5 million or 46.5% of revenues. Excluding the regulator returns management services restructuring costs, the gross margin would have been 46.7% SG&A expense was $67.3 million or 19.3% of revenues. Net interest expense was $8.8 million and net income attributable to Stericycle was $53.1 million or $0.61 per share on an as-reported basis and $0.62 adjusted for after-tax transaction expenses related to various non operating items. At the end of the quarter the revolver borrowings were approximately $359 million which is floating at LIBOR plus 75 basis points. The unused portion of the revolver debt at the end of the quarter was approximately $297 million. On July 16 th, 2010, we received informal commitments from 22 institutional investors to purchase $175 million of min 3.89% seven-year unsecured senior notes and $225 million of new ten-year 4.47% on secured senior notes. We anticipate that the note purchase agreement will be signed in August of 2010 and that the new senior notes will be issued in October, 2010. The proceeds of this new agreement will be used to repay return debts and a portion of the revolver. We repurchased 235,436 shares of common stock on the open market in an amount of $13 million in the quarter. Cumulatively we have purchased approximately 13.6 million shares and we still have authorization to purchase an additional 2.6 million shares.
The capital spending in the quarter was $12.2 million, our DSO was 51 days and the cash provided from operations was $129.3 for the first six months of 2010.And I will now turn it over to Rich. Richard T. Kogler Thanks Frank. At the end of the quarter we had over 471,000 accounts of which approximately 459,000 were small and 12,000 were large. We continue to see strong growth across all geographies fuelled by new customers and a continued adoption of our value added services. Let me quote the worldwide growth opportunity in the context for you. With our large quantity customers we now have multiple service offerings which can potentially triple the value of each account. Today less than 20% of LQ customers are using multiple services leaving more than 80% of our LQ customer base available for growth by adding services such as Sharps Management and RX Waste. Likewise, with our small quantity customers we offer multiple services which can also triple the value of each account. Today approximately a third of our SQ customers utilize multiple services leaving two-thirds of our customer base available for growth by adding services like Steri-Safe clinical services and RX Waste. We’re particularly excited about the recently launched RX Waste program for our domestic large and small customers. This program is now rolled out across the entire U.S. and is also available in a number of our international geographies. We’re getting favorable feedback from customers about our unique in-service capability which helps them stay compliant. In closing we want to thank each member of our worldwide team for their solid performance and continued commitment to our customers and our shareholders. I’ll turn it over to Mark. Read the rest of this transcript for free on seekingalpha.com