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Let me summarize the Safe Harbor language, which is outlined on Page 1 of the presentation. Statements in this presentation, which are not historical facts, constitute forward-looking statements within the meaning of the U.S. Securities Act of 1933 and the U.S. Securities Exchange Act of 1934.These statements involve risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to be materially different from those expressed or implied by any forward-looking statements. For a discussion of these risks and uncertainties, please see the discussion in our recent Form 8-K. All of the forward-looking statements are qualified in their entirety by reference to the factors discussed under the caption Factors Affecting our Future Operating Results and in the Business and Management's Discussion and Analysis of Financial Condition and Results of Operations section of our Form 10-K. One the next item, on today's call, we may use non-GAAP financial measures. A more detailed information with respect to the use of and differences between the non-GAAP financial measures and the most directly comparable GAAP measure is provided in the Form 8-K. I will now turn the call over to Olivier. Olivier A. Filliol Thank you, Mary. Good evening and I welcome you to the call which we are doing from Switzerland tonight. I will start with a summary of the quarter and then Bill will provide details of our financial results, and I will update the guidance. I will then provide an update on some of our growth initiatives. As always, we will have time for Q&A at the end. The highlights for the quarter are on Page 2 of the presentation. We are pleased with our local currency sales growth of 6% in the quarter. Market conditions were weaker than the last quarter, particularly in Europe. In addition, prior-year sales growth of 11% was very strong. We were pleased to achieve a 13% increase in adjusted EPS in the quarter. We do not expect market conditions to improve in the short term and have initiated appropriate cost control measures. While we are managing cost levels more closely, we will also continue to make strategic investments for future growth. This includes investing in emerging markets, our Spinnaker sales and marketing programs, new product development and our Blue Ocean program. With have a strong focus on execution, I believe we can outgrow the market and continue to take the market share. We will cover these points in more detail on this call. But let me turn it to Bill to provide more details on the second quarter results as well as guidance.
William P. DonnellyThanks, Olivier, and hello everybody. Let me start with additional details on sales which were $570.3 million in the quarter, an increase of 6% in local currency. On a U.S. dollar basis, sales increased by 2% in the quarter which included a negative 4% impact from currency. Turning to Page 3 of the presentation. We outline sales by geography. In the quarter, local currency sales increased by 6% in the Americas, 14% in Asia/Rest of World, while they declined by 2% in Europe. Acquisitions contributed 1% to total sales growth and contributed 2% to European sales growth. The next slide provides full year sales. For the 6 months, sales have increased by 6% in the Americas and 16% in Asia/Rest of World. Sales were flat in Europe for the period. Acquisitions contributed approximately 1.5% of sales growth in the first half and contributed 2% to Europe and 1% to the Americas for the 6 months And Slide #5 of the presentation, we outlined our sales by product area for the second quarter. In this quarter, lab sales grew by 8%, while industrial sales increased 6%. Food retailing declined by 6%. Acquisitions contributed 2% to industrial sales growth in the quarter, so our core product lines, lab and instructional, grew by 6% on an organic basis in the quarter. Read the rest of this transcript for free on seekingalpha.com