Thank you, Holly. Good morning. I would like to welcome you to the AVX conference call regarding the results for the third quarter that ended in December. I’m John Gilbertson and with me today is Kurt Cummings, AVX’s Chief Financial Officer. And we hope that you have had a chance to review our earnings release that was issued this morning.
It was a tough quarter for sales but profits remained strong based on active sales margin management, good operating performance, and cost control. Sales were $321.7 million and reflect a subdued holiday product build schedule at our customers. The currency movement during the quarter was one of the largest impacts we have seen in recent years. We sell in various currencies around the world and the reported sales in the quarter were negatively impacted by approximately $7.4 million due to the strength of the U.S. dollar.
