These long-term growth drivers, coupled with our consistent track record of effectively managing through dynamic market cycles, give me confidence there's a bright future ahead for Rockwell Collins.

So with that, let me turn the call over to Patrick to walk through the financial details. Pat?

Patrick E. Allen

Thanks, Clay. Good morning to everyone as well. I'd now like to walk you through today's presentation slides that summarize our results for the first quarter of 2012.

I'll begin on Slides 3 and 4 where we highlight our total company first quarter sales, EPS, net income and operating cash flow.

Total company sales for the quarter decreased $10 million or 1% compared to last year's sales, while income from continuing operations and earnings per share decreased by 13% and 10%, respectively. The decrease in earnings was primarily driven by a higher effective tax rate, which went from 21.5% last year, up to 33% in 2012.

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