Good morning. My name is Dan and I will be your conference operator today. At this time, I would like to welcome everyone to the Ampco-Pittsburgh Corporation's Second Quarter Earnings Call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question-and-answer session. [Operator Instructions] Melanie Sprowson, Director of Investor Relations, please go ahead.

Thank you, Dan. Good morning, and thank you for joining Ampco-Pittsburgh Corporation's second quarter 2016 earnings conference call. I'm joined today by John Stanik, our Chief Executive Officer; and Mike McAuley, Vice President, Chief Financial Officer and Treasurer. Before we begin, I need to make the following reminder regarding forward-looking information. Statements or comments made on this call may be forward-looking and may include financial projections or other statements of the corporation's plans, objectives, expectations or intentions. These matters involves certain risks and uncertainties, many of which are outside the Corporation's control. The corporation's actual results may differ significantly from those projected or suggested in any forward-looking statement due to a variety of factors including those discussed in the corporation's most recently filed Form 10-K and subsequent filings with the Securities and Exchange Commission. We do not undertake any obligation to update or otherwise release publicly any revision to our forward-looking statements. A replay of this call will be posted on our website later today and remain available for two weeks following the conclusion of the call. To access the earnings release or the webcast replay, please consult the Investors section of our website at Ampcopgh.com. Now let me turn this call over to Mike McAuley who will provide an overview of the second quarter 2016 results.

Thank you, Melanie, and good morning, everyone. Before I begin my review of the second quarter financials, let me remind our listeners today that our results for this second quarter of 2016 include a full-quarter effect of the acquisition of Akers AB and certain of its affiliated companies, which was completed on March 3, 2016. Any comparisons made with the prior year and sequentially versus Q2 will be heavily influenced by the inclusion of this acquisition now and our results. We only have one month's worth of activity for this acquisition recorded on our Q1 2016 results. In addition, while our press release for this morning provides commentary on both the quarter and year-to-date, I'll focus my comments today primarily on Q2's results. Sales for the corporation for the second quarter of 2016 were $93 million, this compares to sales for the first quarter of 2015 of $60 million. Total sales for the current quarter for the Forged and Cast Engineered Products segment were nearly doubled the level of sales recorded in the same period of the prior year, driven primarily by the inclusion of the acquired Akers businesses. Sales for the air and liquid processing segment for the second quarter of 2016 were down slightly from the prior year and I'll comment more on this segment results in a moment. Gross profit is a percentage of net sales was 17% for the second quarter of 2016 versus 19.6% for the second quarter of 2015. The decrease is primarily due to the effects of purchase accounting associated with the acquisition, which impacted gross margin by approximately 240 basis points in the current quarter. Selling and administrative expenses were $15.2 million for the second quarter of 2016, in comparison to $9.2 million for the second quarter of 2015, an increase of…

Thank you, Mike. Good morning and welcome to our call. As you can see, it was a complex quarter and consequently, I have a lot of news to communicate today. Let's begin with the brief recap of some of the highlights of the second quarter results. Although Mike covered this topic well, I want to offer my highlights for emphasis. Once again, acquisition-related costs had a major impact on the results and overshadowed improvements made by our Forged and Cast Engineered Product segment. As one would expect, our sales increased dramatically year-over-year. This is attributable to the Akers acquisition. As we look at the $4.9 million operating income loss, purchase accounting treatment had a negative pre-tax impact of $2.9 million. Historical and contractual pricing, i.e. versus contracts remain key issues and these along with the low cast roll order volumes are the primary weights upon the business in Q2. A major point that deserves mention relates to synergy capture year-to-date, versus year-to-date P&L impact. We continue to make progress capturing synergies during Q2. Year-to-date, gross synergies secured are estimated in the range of $3 million, but our operating results are burying the burden of upfront integration cost like [indiscernible] as well as acquisition transition costs incurred. We expect to capture significantly more synergies in the coming months and we expect the related costs to achieve those synergies to decline from Q2 levels during the remainder of 2016. The point I'm making is that our integration and synergy capture progress has been obscured by upfront costs, so our progress is greater than it may appear. Remember that Q2 represents only months two, three and four of our ownership of Akers. During our last quarter call, I referred to the need to right-size manufacturing for current business levels. While current business conditions…

[Operator instructions] We have no questions in the queue at this time. I'll turn the call back over to the presenters. : :