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Following our presentation today, those joining us by teleconference will be able to ask questions. A replay of today's call will be available beginning at Noon Eastern Time today through August 29, 2010. To access the replay, dial 1-800-475-6710 and then access code 163720. Those numbers again are 1-800-475-6701 and then the code is 163720. A replay of today's webcast is also going to be available on our website for about the next month.And with that, I'll turn it over to President and CEO, Bob Rowe. Bob Rowe Thank you, Dan. We're really quite please with our results for the second quarter and in addition to our financial results, we have several non-operational success that I will mention in just a moment. And we made significant progress on the Montana rate case since the last time we spoke. First, starting with the financial results, our net income improved to $11.7 million for the second quarter of 2010, and that's compared with 6.1 million for the second quarter of 2009. This was primarily due to improvement in income tax expenses and in operating, general and administrative expenses. We've announced our third quarter of $0.34 per share and that's payable on September 30 for shareholders, a record as of September 15. And during 2009, our quarterly dividends were $0.335 per quarter. Also, early in the quarter, we were added to the Standard and Poor's small cap group of 600 stocks. And finally, Forbes.com has included us on their list of 100 Most Trustworthy Companies. Both of these are good indications of the progress we have made of our future direction. And particularly, the Forbes.com recognition, I think, is a great testament of the integrity of our employees and our Board of Directors. Now, I am going to turn the call over to Mr. Brian Bird to discuss our 2010 financial results in more detail.
Brian BirdThanks Bob. We reported diluted EPS of $0.32 a share during the second quarter of 2010 compared to $0.17 a share in the second quarter of 2009. So, basically earnings increased $0.15 per diluted share on year-over-year basis. Let me give you a quick overview of the largest drivers. Reduced operating costs, including benefits, legal costs, pension costs, and plant operations contributed about $0.08 per diluted share compared with second quarter 2009. Allowance for funds, used during construction or in other words, AFUDC, benefitted our earnings by about $0.06 a share, primarily, related to the Mill Creek Generating Station between decreasing interest expense and adding to other income. We expect to capitalize another 6 million of AFUDC related to Mill Creek through the remainder of the year. Release in valuation allowance against certain state net operating loss carry-forwards benefitted net income by approximately $0.06 per diluted share compared with the second quarter of 2009. Also, we had continued tax benefits for repair costs due to flow-through regulatory treatment, which contributed about $0.03 per diluted share compared with second quarter of last year. In the second quarter of 2010, we benefitted from the absence of a 2009 $0.02 per diluted share loss on a natural gas capacity contract. Offsetting those improvements or increases to second quarter 2010 earnings included higher qualifying facility supply costs of approximately $0.06 per fully diluted share compared to second quarter of '09. And a net decrease of about $0.06 per fully diluted share in our earnings due to the increase in property taxes caused by an increase in asset property values in Montana. And this is the net result of our property tax tracker which has reflected in gross margin. And you can tell from our press release and our 10-Q filing, there were other increases and decreases to earnings year-over-year, but these were the most significant drivers. Read the rest of this transcript for free on seekingalpha.com