And now, I’ll turn the call to Per.Per Loof Thank you, Dean and good morning, everyone. With all the noise of economic issues that had been occurring during the quarter, we’re pleased that we had a solid quarter, revenue coming in at $265 million in line with our forecast. Non-GAAP operating income was $30.2 million or 11.4% of sales and non-GAAP diluted EPS was $0.43. Additionally, we had continued strong top and bottom line performance across all business groups. As we entered the month of October, the beginning of our third fiscal quarter, we anticipated that an inventory correction would talk place in our distribution channel over the course of both, the third and the fourth fiscal quarter ending in March. Distribution channels are addressing their inventory position after significant build brought on by the incredibly strong rebound over the last year and a half and the un-anticipated effect of the earthquake in Japan earlier this year, which caused some customers to overbuild their inventories fearing that they may not be able to obtain parts. While the Thailand floods occurring as we speak have not affected KEMET’s manufacturing facilities nor to our current knowledge or any of our direct suppliers having delivery issues as a result of the floods, the disaster does had complications to our ability to accurately forecast the next couple of quarters. Early indications are that a significant portion of capacitor production is going offline as a result of flooding and we intend to be supportive of those companies affected by the disaster. We’re preparing our operations to fill in the supply gap for the production affected and we believe that this situation may counter balance both the inventory corrections and softening demand. It is too early to know how all this plays out but we are expecting demand to increase and that there maybe possible shortages of selective products in the world as we move forward into the next calendar year.
We continue to focus on our long-term strategies, which include remaining focused on growth, maintaining our cost reductions and seizing upon opportunities as they are presented.As discussed in our last call, one area that holds great opportunity is the vertical integration of our operations to better control sources of raw material supply in our cost structure. At the end of the first quarter we took the opportunity to acquire Cornell Dubilier Foil, a Tennessee based process of aluminum foils, utilized as a core component in the manufacture of aluminum electrolytic capacitors. This state-of-the art Foil facility is one of the largest of its kind in North America. We’re pleased to report that this time the Foil operations have been fully integrated into our business. The facility has been running smoothly and customers are pleased with the seamless transition. We continue to actively look for more of these opportunities such as this one. With regards to our efforts on our putting Africa back to work, we’re pleased to say we’re involved with the Organization For Economy Corporation And Development, OECD, due diligence product program related to responsible sourcing of conflict materials in the DRC and Central Africa. The program is intended to assist with the implementation of the OECD guidance and its supplement on tin, tantalum and tungsten as well as sharing information on practices tools and methodologies for performing due diligence. As the global leader in the processing of tantalum, we’re committed to the responsible use of this key raw material as well as stability of supply. Last quarter we announced our plans to construct a new manufacturing facility in Skopje, Macedonia. This facility is a component of our long-term strategy of consolidating and maintaining manufacturing for operation of customer base while fulfilling our objective of lowering the cost structure associated with our Film and Electrolytic business. We have broken ground and construction is well underway. The expected completion date of this facility is summer of 2012. The investment in this facility including transferred asset is expected to be approximately €12 million. Before I go into detail regarding the performance of our individual business groups and regions, I will turn it over to Bill Lowe to review our financials for the last quarter. Bill? Read the rest of this transcript for free on seekingalpha.com