Any forward-looking statements made in this announcement including those in the outlook section and during the question-and-answer portion are based on current expectations. The company's actual future performance may materially differ from that contemplated by the forward-looking statements as a result of a variety of factors. These factors are listed in the earnings press release issued this morning.Now I will turn it over to John Grampa for comments. John Grampa As Mike indicated, today's agenda is similar to that of past calls. I will review several of the key financial points for the quarter and then comment on the outlook for the third quarter and the balance of the year. Following my comments, Dick Hipple will review the state of our key market and then following Dick's market update, we will open the call for questions. I believe that given the economic conditions that existed in the prior year, it is important in certain areas to compare with second quarter sequentially to the first quarter of this year as opposed to the prior year, where I believe that is relevant, I will do that as well. For those who have not had a chance to review the press release in any detail, I will begin my remarks with a brief summary of the key points in the release. Then I will cover the factors affecting the reported sales growth, isolating real or organic growth from the effect of metal price increases as well as the effect of the Barr acquisition that closed in the fourth quarter of 2009 and the effect of the Academy acquisition that closed in the early part of the first quarter of 2010. I will follow that with a review of how the growth, the metal price inflation and the acquisitions affected reported margins for the company in total and in addition, I will review the Advanced Materials segment margins and in particular the effect that precious metal mix, precious metal price increases and the added precious metal volumes from the acquisition had on a reported margins for the segment. Then I will follow with a review of the balance sheet and I also comment on the impact of the acquisitions on earnings-to-date and then finally I will review the outlook.
Let's begin with a brief summary of the release. Today, we reported significantly stronger than expected results for the quarter, raised our outlook for the year and announced the reinstatement of our stock repurchase program. We could not be more pleased with the reported performance.The results for the quarter clearly demonstrate the company's earnings' power during reasonable economic environment. The leverage from the cost reduction initiatives and other actions taken during the 2009 recession began to become visible in the reported first quarter performance and are now very visible in the second quarter results. The second quarter growth brought with it continued margin expansion. Sales for the quarter were approximately $152 million, or 87% greater than to $326 million level, a new company record. Sales were up sequentially from the first quarter of the year by approximately 11%. This brings sales to-date in 2010 to $621 million double that for the first six months of the prior year. The reported EPS for the quarter was much improved and stronger than expected at $0.67 a share, which compares sequentially to an earnings of $0.37 per share in the first quarter. This brings EPS for the first six months of the year to a $1 a share, which includes as you may recall about $0.12 a share of charges taken in the first quarter of the year. In the release, we also noted that due to stronger margin and better than expected overall market conditions, we are raising our estimates for the balance of the year. This is the third consecutive increase in the estimates for the year. Read the rest of this transcript for free on seekingalpha.com