Note that during this call, we are providing slides on the website that may be helpful to you in following the discussion. To view them, simply access the Investor page of the site and click on the Live Webcast icon. In addition, replays of this call will be available via the same page about 24 hours after the call ends. The replays will be available, along with the slides, through November 13.The matters that we discuss today will include forward-looking statements that involve risk factors that could cause Teradyne’s results to differ materially from management’s current expectations. We encourage you to review the Safe Harbor statement contained in the earnings release, as well as our most recent SEC filings, for a complete description. Additionally, those forward-looking statements are made as of today, and we take no obligation to update them as a result of developments occurring after this call. During today’s call, we'll make reference to non-GAAP financial measures. We have posted additional information concerning these non-GAAP financial measures, including reconciliation to the most directly comparable GAAP financial measures, where available on our website. Again, to view them, go to the Investor page and click on the GAAP to Non-GAAP Reconciliation link. Also, you may want to note that between now and our next conference call, Teradyne will be participating in the Piper Jaffray TMT Conference on November 8 and UBS' Technology and Services Conference on November 17, both in New York; Credit Suisse's 2011 Technology Conference in Phoenix on November 30 and Barclays Global Technology Conference on December 8 in San Francisco. Now let's get on with the rest of the agenda. First, our CEO, Mike Bradley, will review the state of the company and the industry in the third quarter and our outlook for the fourth quarter. Then, our CFO, Greg Beecher, will provide more details on our quarterly performance, along with our guidance for the fourth quarter. We'll then answer your questions. For scheduling purposes, you should note that we intend to end this call after 1 hour. Mike?
Michael A. BradleyGood morning, everyone. Thanks for being with us again today. I'd like to first just to recap both our quarterly results and the short-term outlook. Second is to step back and look at how 2011 will close out, with an emphasis on both our core business and on how our expanded product portfolio is performing. And third is to frame how our acquisition of LitePoint fits into our overall strategy. As always, Greg will give you the financial details and outlook. But he'll also add some insights into our model going forward, as well as our operating flexibility and cash strategy after the LitePoint acquisition. So let me go over how we're doing in the current market environment, our third and fourth quarter [indiscernible] forward. We exceeded the top end of the Q3 range and had another solid bottom line performance. But the fourth quarter continues to track down as we step through the continued pullback in the SemiTest demand and see the normal choppiness in the HDD shipments. So we've moved our Q4 guidance down in line with this order trend to a $270 million to $300 million range with a 6% to 11% operating profit level. Now this does include LitePoint revenue, but not a full quarter. So you can see that our ongoing business has downshifted considerably since midyear. Greg will break the numbers out in a bit more detail in his comments. What's happened in our main associate test market is a sequential order drop of about 22%. Power management and image sensors, with a strong sector at or close to their highest levels during the last year or so, followed by wireless and mobile processors. But demand for precision analog, microcontrollers and automotive were all off their Q2 levels. Now I don't think there's any special significance here other than the higher caution customers have during pullbacks. And most of these are, of course, tied to macroeconomic themes. Read the rest of this transcript for free on seekingalpha.com