Bob KellerThank you, Jennifer, and good morning, everyone. Earlier today, we released our second quarter financial results, and I continue to be pleased with our progress. In what remains a difficult operating environment, we grew our top line by 8% and expanded our operating income margin 110 basis points. We returned our European operations to profitability, and we ended the quarter with $93 million in cash. Including the costs related to the rationalization of our European business, earnings from continuing operations were $0.15 per share. Virtually all of our businesses and geographies performed at or above our expectations. Our teams in Australia, Asia-Pacific, Canada and Latin America all delivered strong results. Our Kensington Computer Products business was substantially ahead of plan in large measure because of robust sales of iPad and iPhone accessories and the continued success of the new quick save computer security line. In the United States, we held our own in a difficult business environment. Our Print Finishing Solutions business, a focus area we targeted for improvement, achieved break-even status in the quarter, and we're expecting it to both grow the top line and become profitable in the second half of the year. In Europe, our account transition plan and our SKU rationalization are both tracking to our internal expectations. On the product side, the Swingline Stack and Shred Auto Heat [ph] Shredder, which we introduced at the beginning of the year, continues to perform perfectly well for us globally. During the quarter, we announced that we had sold the GBC Australia operations to our longtime distribution partner, Neopost. While we weren't seeking a purchaser, Neopost made an attractive offer, and they will become the exclusive distributor of print finishing products for the direct channel in Australia and New Zealand. The sale added significantly to our cash reserves and have had no effect on our 2 larger operations in the region, ACCO Australia and our joint venture interest in Pelikan Artline.
In closing, while we're pleased with our second quarter results, we remain cautious about the external operating environment. We continue to believe that we'll grow our business in line with our previous outlook, sales up 2% to 4% excluding currency. But based on our year-to-date performance, we now believe that we'll be at the high end of our earnings range, growing EPS around 30% and generating $100 million to $110 million in free cash flow by year end.Overall, I believe we are well positioned to deliver on our commitments for the year. With that, I'll turn the call over to Neil for more detailed review of the numbers. Neil? Neal Fenwick Thank you, Paul. Our second quarter performance is recapped on Slide 4. Reported sales increased 8% with a 6% benefits from foreign exchange. Pricing was favorable 2%, underlying volume was flat. EBITDA was $42.2 million and included $3.7 million of benefit from foreign exchange translation. EPS from continuing operations was $0.15, using a 30% tax rate versus a comparable $0.08 in the prior year. Our gross profit margin increased 100 basis points to 32%. The increase was mainly due to the reductions in freight and distribution costs. SG&A expense was down 20 basis points, primarily due to reductions in Europe. In all, operating income increased 22% and margin expanded 110 basis points to 9.3%. For the 6 months, sales increased 4% driven by foreign exchange. Volume was down 2% for the 6 months due to the Q1 impact from the year-end buy forward and introductory reductions by certain customers. Pricing for the 6 months period was favorable 2%. As shown on Slide 5, gross margin increased 40 basis points for the 6-month period to 31%. Cost savings accounted for 50 basis points of the improvement, but were partially offset by material cost increases, which were not fully offset by our price increases. Read the rest of this transcript for free on seekingalpha.com