Good morning. Thank you for joining us for today’s Adaptec quarterly earnings release conference call. This call is being recorded. For opening remarks and introductions I would like to turn the conference over to Ms. Nicole [inaudible]. Please go ahead. Nicole [Inaudible] Good afternoon ladies and gentlemen. During today’s call you’ll first hear from Sundi Sundaresh, President and CEO followed by Chris O’Meara Adaptec’s Chief Financial Officer. After Chris’ remarks we will host a brief question and answer session. Some of the comments today will include forward-looking statements regarding future events and/or projections of the financial performance of the company based on our current expectations including projections of operating results for the fourth quarter of fiscal 2008. These statements are subject to significant risk and uncertainties that could cause our actual results to differ materially from those expressed in these forward-looking statements. We refer to you the risk factor section of the documents that Adaptec has filed with the SEC specifically in our most recent Form 10K and 10Q which contain important risk factors that could cause actual results to differ materially from expectations. In addition, some of the financial measures that are included in this presentation are non-GAAP. For a reconciliation of GAAP to non-GAAP measures please visit our website at www.Adaptec.com under the investor relations section. With that I’d like to introduce Adaptec’s president and CEO Sundi.

Good afternoon and thank you everyone for joining us. During this call we’ll be reviewing our latest quarterly results, market developments that impact our business and the progress we’ve made to improve our operating results. Before we conclude we will discuss deal partners and changes in our board composition. Adaptec revenues for the third fiscal quarter were $41 million within our guidance range of $39 million to $43 million. We recorded non-GAAP income from continuing operations net of taxes of $4.6 million or $0.04 per share which is above our guidance of a $0.03 loss to a $0.01 income. Finally, we are pleased to report that our gross margins have been slowing showing steady improvement in fiscal 2008 from 32% at the end of fiscal 2007 to 39% in the current fiscal quarter an overall seven point improvement in this fiscal year. The improvement in the current fiscal quarter was driven by manufacturing and procurement efficiencies and a more advantageous product mix. Later in our call Chris will provide further details on the company’s financials and outlet. Over the past year we’ve discussed with you the fundamental dynamics in the rate market and how it will affect Adaptec’s financial performance. In the face of our decreasing OEM revenues and the continued transition of [inaudible] technologies to serial solutions we still expect to see considerable revenue decline over the next three to 12 months. Given this revenue outlook we have continued to make the hard decisions that are best for the long term business. Two quarters ago we reduced headcount and expense levels in the OEM portion of the DPS business. We started to see the benefits of this change in the second fiscal quarter, saw a greater impact on expenses this quarter and will fully realize the benefits of this…

(Operator Instructions) We’ll take our first question from Andrew Neff of Bear Stearns.

Is there any way you can give us a sense of any of the proposals or actions from the Steel Partners? Anything that they’re proposing that you can talk about?

Nothing at this time Andy. Right now we’re focused on bringing them up to speed on all aspects of the business and reviewing all the various options we’ve considered over the last year. We’ll see more color at the end of this quarter.

The second thing, just from a balance sheet standpoint, can you talk about any particular cash needs you have over the next year or so? And, what you’re doing to protect the balance sheet? Christopher G. O’Meara: Well, the balance sheet is very strong. We have invested through outside providers the funds and they’re all in AAA, very secure bonds and treasury. So, in respect we’re clearly very conservative, very short duration as well. The cash needs to run the business, we really have very little capital investment and I think which we’ve talked in the past, our focus has been around using the cash for acquisitions that can really grow the business.

In terms of the convert, when is that due? Christopher G. O’Meara: Well, the investors and the convert have a put that they can exercise in December of this year. Otherwise, the convertible expires basically in 2013.

And how does the put work? Christopher G. O’Meara: They have a right to basically put the convert back to us and it would be paid off on the bond at par.

Where are the bonds trading now? Christopher G. O’Meara: Bonds are trading in the low 90s. Basically, the coupon rate is 0.75% so it’s actually below rates. As of the autumn time frame, winter time frame it was trading pretty much at a 93 kind of rate.

So, how much would you have to pay back at the end of the year? Christopher G. O’Meara: Well, we don’t know. Given the coupon while the total bond is $225 million that was issued so it obviously depends upon how many people actually tendered the bond. But, from a planning standpoint we’re assuming that pretty much all of them would be tendered for payments.

(Operator Instructions) It appears that there are no further questions at this time. I’d like to turn the call back over to Mr. Sundi Sundaresh for any closing remarks.

In summary I just want to say that we remain focused on improving the operating model and maintaining the strength on our balance sheet. Thank you all for listening today.

Ladies and gentlemen that does conclude today’s conference call. We’d like to thank you all for your participation and have a great day.