I am grateful for the unwavering support of Wiley's executive leadership team and the Wiley board of directors and I'm as passionate as I've ever been to be leading this great company through a period of exciting change and opportunity.

I'd like to now focus our attention on the company's first quarter results. In a difficult global economy, Wiley showed positive revenue growth for the quarter, both as reported and on a performance basis.

Including the positive effect of foreign exchange, revenue advanced 5%. Wiley's currency adjusted revenue growth of 0.4% versus prior year reflects the ongoing momentum in our STMS business offset by anticipated decline in P/T and a decline in global education resulting from weak market conditions.

On a US GAAP basis, earnings per share increased $0.10 including FX to $0.82 or by $0.05 excluding FX. US GAAP EPS includes deferred tax benefits of $0.14 and $0.07 per share for fiscal year 2012 and 2011 respectively.

The tax benefit was derived from two consecutive legislations productions in the United Kingdom corporate income tax rates. The benefits had no current cash tax impact.

Adjusted EPS of $0.68 increased $0.03 including the effects of foreign exchange but declined by $0.02 on a currency neutral basis. Higher operating administrative costs were partially offset by lower interest expense, a lower effective tax rate and gross margin growth. Adjusted EPS excludes the deferred tax benefits.

Operating and administrative costs of $231 million were up 10% of 5% excluding the adverse effects of foreign exchange driven mostly by technology spending to support investments in digital products and infrastructure and increase volatility and other direct costs to support business growth.

Free cash flow for the quarter was a use of $59 million, $22 million greater than prior year. Lower cash earnings was a result of the acceleration of calendar year 2011 journal cash collections into fiscal 2011 and higher capital spending on technology with a major driver to the higher cash usage.

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