Selling, general and administrative (SG&A) expenses totaled $8.1 million in the current quarter versus $7.7 million in the same year-ago period. Research and development (R&D) expenses were $0.6 million versus $0.4 million in the year-ago quarter.

SG&A expenses totaled $25.0 million in the nine-month period ended September 30, 2012, versus $23.6 million in the same year-ago period, which represents a 1% decrease in SG&A costs as a percentage of revenue. The net-dollar increase in SG&A expenses is attributed primarily to higher employee and international-related costs, including sales commissions, offset by a decrease in stock-based compensation. Research and development (R&D) expenses increased to $2.0 million in the first three quarters of the year versus $1.1 million in the year-ago period, to support continued emphasis on R&D activities to enhance product offerings.

During the third quarter of 2012, the Company announced new contract awards with a value of approximately $52.3 million, including the largest contract in our history by a major utility company in Chile. After accounting for the conversion of backlog to revenues during this period, the APC segment capital projects backlog stood at $52.3 million as of September 30, 2012.

During the three- and nine-month periods ended September 30, 2012, the Company repurchased 145,443 and 1,604,876 shares of common stock for $0.7 million and $7.9 million, respectively, under our share repurchase programs. Since the inception of these programs, the Company has repurchased a total of 2,306,590 common shares for approximately $12.0 million, resulting in an average price of $5.20 per share. The two previously announced share repurchase programs were complete as of September 30, 2012.

Douglas G. Bailey, Chairman, President and Chief Executive Officer, commented, “We are pleased to deliver solid results in a tough macro environment. We have consciously expanded our international presence with new contracts in our Pacific Rim and Chile operations to achieve both growth and regulatory diversification in our APC business and we are witnessing the results of those efforts.”

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