Before we begin, we would like to remind everyone that the prepared remarks contain forward-looking statements, and management may make additional forward-looking statements in response to your questions. These statements do not guarantee future performance, and therefore, undue reliance should not be placed upon them. These statements are based on current expectations of management and involve inherent risks and uncertainties, including those identified in the Risk Factors section of Titan's most recently filed 10-K and subsequent 10-Q. These risk factors contain a more detailed discussion of the factors that could cause actual results to differ materially from those projected in any forward-looking statements. Titan assumes no obligation to update any forward-looking statements that may be made in today's release or call.[Operator Instructions] The call will last approximately 45 minutes. David Meyer will provide highlights of the company's second quarter results, a general update on our business and review our recent acquisitions. Then Mark Kalvoda will review the financial results in more detail, and Peter Christianson will discuss our segment operating results and our fiscal 2013 annual revenue, net income and earnings per share guidance range along with our outlook modeling assumptions. Then we will open the call to take your questions. Now I'd like to open up the call to the company's Chairman and CEO, Mr. David Meyer. Go ahead, David. David J. Meyer Thank you, John. Good morning, everyone. Welcome to our second quarter of fiscal 2013 earnings conference call. As John mentioned, to help you followed today's prepared remarks, we have provided a slide presentation which you can access on the Investor Relations portion on our website at www.titanmachinery.com. If you click on the Investor Relations tab on the right side of the page, you will see the presentation directly below the webcast in the middle of the page.
Turning to Slide 2. You'll see our fiscal second quarter 2013 results. The revenue for the second quarter was $410.1 million. Our pretax income was $8.8 million, and we earned $0.25 per diluted share.On the call today, we will discuss the company's continued top line growth driven by organic and acquired growth across both our Agricultural and Construction segments. The teams and our dealerships have done a tremendous job in executing sales. We'll also discuss the impact of the highly publicized drought in and around our regions. Peter will provide an overview on our Ag and Construction margins and the factors impacting them in each segment. In addition, we will discuss our inventory levels and inventory strategy going forward. Now I would like to provide some color on each of our industries that are key to our business. On Slide 3, we provided an overview of our agricultural industry. While the drought conditions are certainly important and at the forefront of everyone's mind when we are considering the ag industry in the United States, I'd like to highlight to you, overall, the operating environment, the farmers continue to be strong. Current crop conditions allow producers to have an early harvest this growing season, providing them plenty of time to prepare the fields for the calendar year 2013 growing season. The current field conditions lower the harvest cost of this year's crop. We're also seeing a higher percentage of available land being utilized for crop production. It's important to point out that even though we have low field moisture levels, timely rains on most of our footprint allow better crop development in other areas of the drought-stricken Midwest. Higher commodity prices are creating an increased return on investment for our producers' land improvement which will enhance future yield potential. Read the rest of this transcript for free on seekingalpha.com