At this point, I'll ask Lawrence to walk through the financial results. Lawrence?

Lawrence Samuels

Thank you, Eric. Net income attributable to common shareholders in the fiscal 2012 second quarter was $0.22 per diluted share compared to $0.19 per diluted share recorded in the same period last year. When adjusted for severance costs, net income attributable to common shareholders was $0.24 per diluted share.

Revenue and net revenue increased 12.7% and 17% respectively in the fiscal 2012 second quarter compared to the same period last year. The increase in revenues reflects the translation of foreign currencies into the weaker U.S. dollar for reporting purposes, increased net revenue per unit of cargo, greater activity in contract logistics and distribution and higher fuel surcharges which we passed through to clients. On an organic basis, net revenue increased 8.4% in the second quarter.

We incurred severance cost of $3.5 million in the second quarter, primarily related to our transformation activities and proactive efforts to keep overall costs in line. These costs are reported separately in our statement of operations. We have also included reconciliations of GAAP to non-GAAP results in the tables in today's press release and posted more details on our website.

The rest of my remarks will refer to our results as adjusted to exclude these costs.

Adjusted operating expenses less purchased transportation costs were 15.9% higher than the same period last year. On an organic basis, adjusted operating expenses increased by 7.4% based on the comparable increase in net revenue.

Our adjusted operating margin in the fiscal 2012 second quarter was 9.7%, an increase over the 8.9% margin in the second quarter last year. The improvement was primarily due to increased activity and higher net revenue per unit, partially offset by increased expenses.

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