Balance SheetThe Company ended the first quarter of 2013 with cash and cash equivalents of $23.7 million compared to $20.7 million at December 31, 2012. As of March 31, 2013 and December 31, 2012, the Company had borrowings of $15.0 million and $13.0 million, respectively, outstanding under its credit facility. Total cash and equivalents, net of debt, was $8.7 million and $7.7 million at March 31, 2013 and December 31, 2012, respectively. Trade receivables were $14.2 million and inventories were $17.7 million as of March 31, 2013 compared to trade receivables of $16.2 million and inventories of $18.4 million as of March 31, 2012. Outstanding days of sales, or DSO, were 50 days for the three months ended March 31, 2013 and 53 days for the three months ended March 31, 2012. Annualized inventory turns were 3.1 times for the three months ended March 31, 2013 and 3.3 times for the three months ended March 31, 2012. Conference Call Details As previously announced, management will host a conference call to discuss first quarter 2013 results and business highlights and outlook, which will be simultaneously broadcast over the Internet and can be accessed through the Harvard Bioscience, Inc. website. In addition, management may discuss, and answer one or more questions concerning business and financial developments and trends, including with respect to the Company's acquisition initiatives, our efforts in the field of regenerative medicine and other business and financial matters affecting the Company. Some of these discussions and responses to questions may contain information that has not been previously disclosed. The conference call will begin at 11:00 a.m. Boston time today, May 2, 2013. To listen to the conference call, log on to our website at www.harvardbioscience.com and click on the Earnings Call icon. If you are unable to listen to the live webcast, the call will be archived in the investor relations section of our website. The live conference call is also accessible by dialing toll-free 877-303-7611, or toll 970-315-0445, and referencing the pass code of "46125296". A replay of this conference call will be available from 2:00 p.m. on May 2, 2013 through May 11, 2013 and will be accessible by dialing toll-free 855-859-2056, or toll 404-537-3406, and referencing the pass code of "46125296". This earnings release, as well as any material financial and other statistical information presented on the call which is not included in this earnings release, is available on our website by clicking on the Press Releases icon. If you are unable to listen to the live conference call, please note that the call, this press release and any related financial or statistical information will be archived on our website under the Press Releases icon or Earnings Call icon, as appropriate. Use of Non-GAAP Financial Information In this press release, we have included non-GAAP financial information including adjusted operating income, adjusted net income and adjusted earnings per diluted share. We believe that this non-GAAP financial information provides investors with an enhanced understanding of the underlying operations of the business. For the periods presented, these non-GAAP financial measures of income have excluded certain expenses and income primarily resulting from purchase accounting or events that we do not believe are related to the underlying operations of the business such as amortization of intangibles related to acquisitions, costs related to acquisition initiatives, restructuring expenses (including related inventory write-downs), and stock-based compensation expense. They also exclude the tax impact of the reconciling items and discrete items related to research and development credits and stock option exercises. This non-GAAP financial information approximates information used by our management to internally evaluate the operating results of the Company. Tabular reconciliations of our non-GAAP adjusted operating income, non-GAAP adjusted net income and non- GAAP adjusted earnings per diluted share for the three months ended March 31, 2013 and 2012 and changes in total revenue compared to the same period of the prior year are included as exhibits below in this press release.