Ladies and gentlemen, thank you for standing by. Welcome to this morning's Belden Incorporated conference call. Just a reminder, this call is being recorded. At this time, you are in a listen-only mode. Later, we will conduct a question and answer session. (Operator instructions) I would now like to turn the conference over to Ms. Dee Johnson, Director of Investor Relations at Belden. Please go ahead, ma'am.

Thank you, Trisha. Good morning to everyone and thank you for joining us today for the third quarter earnings conference call at Belden. With me here in St. Louis today are John Stroup, President and CEO of Belden, and Gray Benoist, Vice President of Finance and Chief Financial Officer. We have a few slides on the web. To see those, please go to investor.belden.com and you may need to sign onto the web site there. If you need a copy of the press release, you will find that in the same location. On slide two, there is a statement about forward-looking statements. During the call today, management will make certain forward-looking statements. I would like to remind you that any forward-looking information we provide is given in reliance upon the Safe Harbor provision of the Private Securities Litigation Reform Act of 1995. The comments we will make today are management's best judgment based on information currently available. Our actual results could differ materially from any forward looking statements that we might make. However, the Company does not intend to update this information to reflect developments after today, and disclaims any legal obligation to do so. Please review today's press release and our annual report on Form 10-K for a more complete discussion of factors that could have an impact on the Company's actual results. This morning, John will begin with comments about the performance of the business in the third quarter, Gray will review some financial results and segment analysis, and then John will speak about our outlook for the business for the remainder of 2008, and then finally, we will open up the line for questions. So at this time, let us turn to our President and CEO, John Stroup.

Thank you, Dee. Good morning everyone. The third quarter presented some revenue challenges as the economic weakness we experienced in the United States earlier this year has spread to Asia and Europe. Revenue was $520.5 million compared to the $561.6 million a year earlier. Excluding acquisitions, divestitures and the effect of currency translation, the organic change in revenue in the third quarter was a contraction of 10.7%. Some of this was related to channel partners closely managing their inventory in an uncertain economic environment and the anticipation of lower prices due to the recent decline in copper. The remainder of it was due to our broad base slowdown in our surf markets and geography. We will talk more about our markets in a moment. Operating margin, adjusted for purchase accounting effects, restructuring charges and the deferred revenue impact in the wireless segment was 10.6% of revenue. For a valid year-over-year comparison, if I exclude the wireless business which we acquired during the third quarter, operating margin was 11.2% in the quarter compared with 11.3% a year earlier. We are pleased that margins remained constant year over year in an environment of declining volume. Adjusted diluted earnings per share were $0.78 in the quarter compared with $0.77 in the prior year quarter. One of the drivers of this sustained consolidated performance was developed in American segment. This is our largest segment comprising about 38% of our revenue. They generated $46.3 million of operating profit or 21% of their total revenue, a record performance on both counts. This is primarily the result of that businesses improved manufacturing performance, the call that we went through a major restructuring of our North American manufacturing footprint in 2007. I am very proud of the team that has successfully executed our manufacturing strategy in this business…

Thank you, John and good morning everyone and thank you for joining us this morning. I will begin my comments with a discussion of the consolidated results of operations for the third quarter then turn to the segment results, followed by cash flow, asset management liquidity, and working capital. If I could have you turn to slide six please. Third quarter revenue of $520.5 million was 7.3% lower than a year ago. With the strengthening dollar, we realized less benefit from currency translation than in earlier quarters. The currency effect this quarter was $17.1 million or 3%. Year-over-year organic revenue growth, without the effects of currency, acquisitions and divestitures was a negative 10.7% in the quarter. Lower organic growth revenues resulted, as John noted, from market channel and portfolio activity. Sequentially, North America volume was table whereas both the Europe and Asia experienced sequential revenue decline. Geographic mix of revenue was shown on the slide six on the left, please. Revenue in the United States was 43%, Canada 7%, Europe 25% and Asia 20%. US and Canada generated 50% of our revenue in the quarter which is contrary to our recent revenue trend and indicative that the market conditions we faced in Q3 in our Europe and Asia business. The pie chart at the top depicts revenue by vertical market. We have included the revenues of Trapeze networks, now our main wireless segment in the enterprise vertical so enterprise is expanded to 29% of revenue up from 25% of revenue a year ago. This has been the pattern all through 2008, we continue to see year on year growth in higher bandwidth enterprise structured cabling solution and a fall off in demand at the low end of enterprise product family, a good trend for us and consistent with our expectation.…

Thank you Gray. Visibility has greatly diminished but we are making a significant revision to our outlook for the remainder of 2008 based on expectations of lower revenue in the fourth quarter. We remain true to our stated long term strategy but we will accelerate or delay certain action as a result of economic condition. Several actions are under consideration for the fourth quarter that best situate the Company for the difficult environment ahead. Those will include new footprint actions in America and Europe in both cable and connectivity production and reducing our administrative resources. While continuing to invest in our go-to-market strategy, lean enterprise and the technologies that drive our success in cable, industrial automation and our wireless, we are adjusting our revenue outlook for the full year to $2.1 billion. This is a reduction from a range of $2.2 billion to $2.3 billion given earlier in the year. This implies the revenue in the fourth quarter that will be much closer to $500 million and to $600 million. Our revised outlook includes the continuing benefit of manufacturing footprint and portfolio management action we have accomplished over the past two years which are helping support gross margin but it will be difficult to overcome the impact of expected lower volume. We do expect that our operating margins for the full year will be greater than 10%. We expect our net interest expense will be higher in the fourth quarter because of the full quarter interest at higher rate on our floating rate debt and lower rates on our invested balances and compared to the third quarter in which our effective tax rate was lower in the quarter as we adjusted to the lower expected full year tax rate, the fourth quarter tax rate will be normalized. Each of these…

Thank you. (Operator instructions) Your first question comes from Celeste Santangelo – Merrill Lynch. Celeste Santangelo – Merrill Lynch: So, question, the operating margins that you talked about for '08 was above 10%. Can you just talk about relative to your prior comments of long-term target of around 15% and does that still hold or what kind of timing or margin progression should we be looking at for '09?

Well, Celeste, in December we are going to have an analyst meeting where we are going to update our thoughts and our goals going forward. So, that will be the best time for us to comment on that but clearly in the fourth quarter, we are expecting that the economic environment is not going to be good. We think that that will continue at least into the first half of 2009 and therefore that is going to have I think some impact with regards to the timing of the goals that we set for ourselves but clearly our path is the same. Our strategy is the same. Our expectations are the same. I think it is really a matter, Celeste, of what is the reasonable period of time for us to set for us to get there given the fact that the economy is in our view deteriorated quite substantially from the last time we updated those goals and those targets. Celeste Santangelo – Merrill Lynch: Right, okay. And then just a quick question on the profit delays and cancellations that you saw in India, can you just provide maybe a little more detail what kind of projects those were and maybe the timing of it. Did that all happen the last few weeks of September?

We saw a pretty significant change in September from what we saw in July and in the second quarter. August is always a tough month for us because we got price of the world that slowed down and then of course with the Olympics at China that made it a little bit more difficult to understand what was happening but September was fairly pronounced in terms of a decline in business but as it relates to the project delays, they come across or I should say they exist in many different end markets but I would say that they are the most acute within the IT sector in the financial community. So, financial institutions that were spending fairly robustly in IT are slowing down dramatically. We saw projects get pushed out. We saw projects that get delayed. We saw projects get canceled and we think that these companies will continue to manage their cash flow very tightly, manage their IT spend very tightly and we think that that is the trend that we should prepare for.

Your next question comes from Matt McCall – BB&T Capital Markets. Matt McCall – BB&T Capital Markets: Gray, I think you talked about some of the impact from inflation in the quarter. I guess if you looked at some of the trends at least in some of the spot that we have, you referenced logistics and compounds specifically with oil prices coming off, are you expecting any benefit to show off in Q4 and if so, is that baked into the numbers and if not, should you see some as we move in '09?

The inflation reference is really more so like commodity volatility as a better descriptor and yes, we saw significant price increases from many of our suppliers in the third quarter that affected the third quarter by about $5 million and because of our FIFO methodology, a lot of that is still on the balance sheet because of the first-in, first-out methodologies that we follow with inventories. So, we are going to still have a little headwind here in the fourth quarter. We have seen pricing easing from many of our big suppliers, their recognition that their core cost, petroleum based cost have indeed been reduced, we are starting to see the relief associated with the end prices associated with those commodities and resins here in the fourth quarter and that should be beneficial to the first quarter in 2009. Matt McCall – BB&T Capital Markets: Okay, and then remind us that is the $5 million was a headwind for Q3. Holding everything constant, knowing what you know today, what would be the headwind for Q4 and then what would that make the total for this year?

I think, we are thinking the total is about $15 million across the entire year and I would suggest that the fourth quarter will see little degradation or little improvement if you will associate with that condition. So, for the fourth quarter right now, we are expecting the inventory position that we have established to dictate the results for the quarter and not necessarily changes in the underlying cost of the commodity. Matt McCall – BB&T Capital Markets: Okay and does the $15 million, does that include the impact of the copper? With copper off as much of it over the past month or so, what is the impact that is going to be? I assume there was not an impact based on products so there was not an impact in Q3 but what about the impact of copper as we move forward?

The discussion we just have was around non metals based variations in our cost of goods sold. With respect to metals, the volatility in coppers that are remarkable to say the least I think was in $1.82 yesterday or at least a little while but again we are on FIFO so there is a period of time under which the third quarter purchases we need to purchase through our cost of good sold. I mean if we turn around, as we mentioned, we turn around six times so that is about two months of inventory that has to run through the cost of good sold and then in December, we will start to recognize the October level of copper purchases but that is accounting. The real economics under this circumstance is our price is holding in our markets and right now prices are holding. Prices through October had been fairly stable. There had been some pass-through as you would expect and desire pass through in order to be able to win good project business and sort of for price on the metals benefit. But our business model and we have said previously and we will reiterate it here Matt is totally indifferent to copper where the values on copper to copper is not part of the copper. I mean our job and our responsibility every quarter is to neutralize the effect and we work obviously a lot harder during times of volatility both up and down to neutralize that impact and that is what we are seeing right now as a lot more management energy centered around the sharing that would neutralizing the impact of the underlying commodities whether they are copper by the way or conversely to minimize the impact associated with other commodity changes that we just articulated with respect to compounds and freight expenses. Matt McCall – BB&T Capital Markets: Okay, I guess as I look at the guidance and I look at Q4, I think John you said around $500 million and I look back. I mean you have been one of these years around $511, you are $530 here but it looks like the implied margin range is in the 9% to 9.5% range and I guess I am trying to understand outside of commodities the overall volume levels do not seem to be that much lower, I am trying to understand what is causing that deterioration in such a quick fashion.

Well, Matt if you look at the revenue makeup in Q4 and you are right about the operating margin, remember the fourth quarter revenue would include the Trapeze acquisition if you were to compare for example in the first quarter where we arrive to $500 million, it did not include Trapeze. So, what we are expecting in the fourth quarter is that our legacy business is going to see deterioration from the third quarter in terms of revenue. So, I think as you do the projections, what you will see is that the projections that we have for the fourth quarter as it relates to coming out from the third. It is really volume based.

Your next question comes from Jeff Beach – Stifel Nicolaus. Jeff Beach – Stifel Nicolaus: I have three questions. One, you have talked about inventory, channel partners, it appears as though the steep decline in demand is kind of backed up in the system and it appears as though looking into the fourth quarter here as the channel partners correct inventories and then you do that you will probably do some idling of plants versus second quarter, third quarter more, fourth quarter more. I would like to know if that is the case and can you expand a little bit on this and how this is impacting the guidance. It appears as though it is going to be a meaningful impact in the fourth quarter.

Well, yes I think first of all as I mentioned, the sell-through data that we had in the third quarter was far better than our revenue comparisons which means that the products, our product going out of our distributors door to customers was a lot better than the shipments from us to our store distributors both sequentially and year-over-year. So, clearly part of the revenue decline we experienced in the third quarter is the change in the inventory manager and our channel partners which is understandable. They are preparing for a weaker economy. They are managing their working capital more closely, they are trying to figure out what to do with commodities coming down, should they wait for better prices. These are all understandable. In the fourth quarter, what is not clear to us is whether or not there will be any change in that direction with our channel partners with the inventory. At this point, we are not expecting that we are going to see any sort of meaningful inventory increase in our channel partners in the fourth quarter and we think that the end markets could deteriorate from the third. So, as we think about how we manage through that, Jeff, what we are trying to do is really two fold. One is make certain that we are true to our long term strategy as it relates to the investments that we want to make in the Company that having the right competitive manufacturing footprint globally. So, we are evaluating whether or not there are actions we should take now that were already part of our long term strategy that perhaps should be taken sooner. Secondly, of course, we are going to flex our cost structure in all parts of the world in a way that is appropriate…

Yes, Jeff, let me start with the second and I will turn over to Gray with VSOE. There are really two things within Specialty going on that have really little to do with end market so let me address those numbers in market. First as Gray mentioned, there is a change in the amount of inter company revenue within that segment which has an unfavorable impact on the profitability and as you said there are cost associated with the relocation of the Connecticut factory that once those get behind us and we have our production in Nogales, Mexico that will get substantially better as well. From an end market point of view, there are two things that we did deal within the third quarter. One is as you said margins have been pressured on the lower end category products that affect us on a lot of business. That is a real trend that we are working against and of course our manufacturing footprint is a big part of that strategy. The second issue is that within our Thermax business which supplies cable equipment to the aerospace industry for in-flight entertainment, we have seen a real weakening in demand as our domestic customers, US airline companies are delaying spend associated with upgrades of their aircraft so that business continues to be strong on the international side of the business but domestically, it has weakened somewhat and that has affected the margins very dramatically. Let me pass it to Gray to talk about VSOE.

Thank you, John. Jeff, we got a lot of progress with respect to where we need to be on VSOE. So, there are really three elements and that is the fundamental documentation that you are collecting, the processes under which you collect that documentation and organize that documentation for review but probably most importantly, it is the behaviors and the action of the business group to put into place the standard methodologies to assure that you fit and your data fits around a certain point for clarity but defends the fact that you got an arms length third party transaction on the bundled sale. So, those are the three pieces and I am encouraged by the efforts in all three areas. Trapeze has made a remarkable progress. I will say that there was an opportunity in the quarter for us to actually declaim a subset of the revenue of this quarter much, much, much earlier than we had anticipated in our original guidance and that is because the processes inside of Trapeze are a lot more mature right than what we originally believe to be the case set when we gave the original guidance. But there are two elements that made us decide otherwise and I would like to spend a little time on that and then when we are together in December, I will give more specifics associated with where we stand on VSOE and most importantly what that means for 2009. But the first is, we had a discussion with so many of our investors and analysts including you that suggested that we, the level of transparency that we should be providing on VSOE should be very, very high. So, management decided that we were going to pro forma all of the VSOE irrespective and therefore the need or desire to accelerate in this particular quarter or any quarter was diminished because now you can see the segment results as if VSOE has been accomplished and therefore, the transparency that the real operating performance of the business unit. The second is with respect to the literature and the literature is enormously complex. It is subject to broad interpretations. There are many specialists that do not necessarily agree and even these levels of experts and their confidence and our certainty around their confidence was not high enough at the end of the third quarter for us to proceed with that level of confidence that you would want. So, therefore we saw no benefits of accelerating VSOE until sort of the vague reason of the expert opinions could be consolidated and we would be comfortable with great certitude like that we could take VSOE and not look backward. Jeff Beach – Stifel Nicolaus: Just as a final, do you still expect VSOE to be achieved in 2009 so it becomes essentially a non issue?

In my comment, I actually said there was a subset that was accelerated on the, that we potentially going to be hearing in Q3 2008. So, I would say we are way ahead of schedule associated to what our expectations are except for the following. We are way ahead technically. We are way ahead process wise. We are way ahead in terms of elements that you have to do to fulfill VSOE but we are not way ahead associated with the sort of the vague reason in the interpretations and again our understanding and the opinions that you get even from experts are challenging, are complex and challenging. I am going to spend a little extra time with you and discuss some of the inputs we have received from the various experts sources so you get a better feel for it.

(Operator's instruction) Your next question comes from of Nat Kellogg – Next Generation Equity Research. Nat Kellogg – Next Generation Equity Research: Hi, guys. Just a couple of quick questions. I think most of the stuff has been answered but John and Gray, I was wondering if you might be able to touch, I know there has some questions that are sort of the impact of falling commodity prices on margins but just curious, I mean I would assume obviously this does have a benefit for you guys of being able to sort of accelerate some of the dollars in working capital down over the next couple of quarters and I was just wondering if you guys can give any sense of just how meaningful that might be over the next six to nine months.

Well, I think Nat you are right. I mean I think on a quarterly basis on average, the amount of copper that we purchase is roughly…

Thirty million pounds.

Yes, 30 million pounds. So, the average spot price in Q3 of copper is $3.50 roughly as Gray mentioned, it is straight and it is lower to $1.85 in the last couple of days. There is obviously an enormous amount of volatility right now so it is difficult to predict with any uncertainty where it is going to be but as we manage through this cycle of purging out the older higher cost copper and we start purchasing lower cost copper, it is going to have a positive impacts of course on our turns. It could have a positive impact on our margins to be on how pricing goes. So, I guess the one good news about a slowing economy is the commodity prices fall and that can have a benefit to our income statement but a great sense we always manage the business as copper neutral and we think the value is really independent of copper and I think we have done a pretty good job of managing that in the way up and the way down in the past and I think we will do that again but going into 2009 I said that one thing right now that looks fairly good is the fact that commodity prices are easing which is positive and if it could be stable, that will be even better. Nat Kellogg – Next Generation Equity Research: Yes, I think that would make every one, experts like you get an operating basis and also trying to look at and see what is going to happen down the road. Do you even know the fact that you guys are going to generate some cash over the next, going forward? Can you guys talk a little bit about sort of priorities on how that might get spent?

Yes, how we use our cash is always a top priority for us and I would say that for us, our priorities are unchanged. The first priority always is to make certain that we have sufficient liquidity to run our business appropriately and make certain that we have the cash on hand to make good CapEx investments in technology and organic growth initiatives, making certain that we have cash on hand to make good investments in our retail manufacturing footprint where it make sense. That is always our top priority and then following that is good strategic acquisition that can make sense and right now I would say that we are far more cautious about acquisitions than we were six months ago given the economic environment. I think as visibility improves and our confidence level improves in terms of what the economy is really doing then we would be of course anxious and interested to make high quality acquisitions, that we would make a positive addition to the Company. But right now we are just very, very cautious about that given the economic environment. Nat Kellogg – Next Generation Equity Research: Okay and then just last question for Gray and I do not want to be the dead horse in the VSOE and I realize to some extent it is sort of accounting semantics but I think you guys had recently said that you really did not expect to achieve that until the end of the 2009 that we would see sort of things on a normal basis and 2010. It sounds like if you could pull some of the, so I guess my two questions is one, is there a chance that this is going to happen a fair amount earlier than maybe you had previously spoken and then the second question was it would be to my understanding that it was sort of an all or non thing and it sounds like maybe that might be more incremental that you could pull some of the revenues into the normal GAAP result but not all of it is sort of maybe a stair step type of thing. So, I am just wondering if you could answer those two questions for me.

Absolutely. To answer the question number one is yes, our conservatism with respect to how we guided and our knowledge around VSOE in general indicated that we wanted to be prudent with respect to what guided and we clearly are accelerated off of that schedule so the answer is yes. With item number two, this is a very interesting curiosity. The curiosity being is it an all or nothing kind of orientation associated with a single pool right of transactions or conversely do we have five pools of transactions. So that is one of the areas where the experts do not necessarily agree and when the experts do not agree, take a step backwards is our position to make sure that you have the underlying principles understood. So that when we you do argue a position you got all of the experts' opinions taken into consideration and we did not feel we were in that position at the end of third quarter to take a subset that would have been one of five subsets that has now been potentially identified for independent evaluation for VSOE. So, management here said, "No, we are going to wait and continue at that circumstances under which a subset could be recognized, make sure that it is validated with the respect to a broad set of experts and then at that point in time if that is the case, we will begin the revenue recognition position. But basically it looks as follows. We got two from the middle of the different business models; one is OEM, the other one is direct sale. The direct sales has three regional orientations right on the diversification of the portfolio of OEMs really falls onto two categories so we have five subsets that we are looking at right now and all of them have individual or independent elements but they also have collective elements and therein lies the complications we are dealing with. I know that is a long winded answer but the fundamental is yes, we are in better condition that we thought we were and yes, subsets are possible not just aggregate. Nat Kellogg – Next Generation Equity Research: Okay that is helpful. I realize that it is complicated so I appreciate you taking the time. Alright, that is all I got for now so thanks very much for those for taking my questions.

Your next question comes from the line of Keith Johnson – Morgan Keegan. Keith Johnson – Morgan Keegan: Just a couple of questions, most have covered most of the subject. You talked a little bit on project delays I guess in India earlier in the call. What about North America? What do you guys think that market from project standpoint?

We are seeing the same thing. We are seeing project delays in North America as well and that is actually I would say the amount of delay has increased here recently. We actually had a pretty good third quarter in our enterprise business because we I think, we did better job in managing our project business than we did in Q2 a year ago. So, we might have been a bit of outlier in Q3 in our enterprise business but in the fourth quarter, we are seeing delays, push outs, cancellations. We are also seeing a lot of push outs and cancellations in the Middle East right now. We are seeing it in Europe as well, so yes I had a comment about India but I would say it is very global in nature right now. IT spending is really coming down significantly. We do not know how long that is going to last but we think it is going to be with us for a while. Keith Johnson – Morgan Keegan: Okay. So these projects you are talking about being delayed or canceled fully, I was just to try to make in my mind and I am thinking about them correctly, we are talking about projects that potentially a company takes the conservative stand and says we are not going to do anything in the fourth quarter, see where this plays out and by the time we get to first quarter of '09 maybe it sounded bad as we think it is going to be those projects are right back on for these very large scale projects that once you pull them off the ground board to get them cranked back up again you are talking about a six months delay?

Well I think that the projects themselves in most cases have good economic returns. I think the matter is whether or not they are affordable for the customer and so I think the customer can turn it back on as soon as they have a sense of confidence. The question that we all have of course is when are they going to get a sense of confidence and we do not know that. Keith Johnson – Morgan Keegan: Of course, when you talk about, I think you made a comment about looking a recessionary type position, what is the kind of entered into 2009 a little bit earlier? If you kind of look at what you are thinking in relation to your fourth quarter guidance, how does that backup against the recessionary environment under your model today versus where you guys were in early in 2000?

Well I think there are a lot of things that substantially different about our Company today than the last time Belden went to a recession and I think you already see that in the result. First of all, our Company is a lot more diversified geographically, a lot more diversified from an end market point of view and lot more diversified from a product point of view. We have mentioned a number of times in the last recession we had an enormous telecom exposure for example that we do not have today. So, I feel very good about the Company's ability to manage through a recession. I think that the revenue decline we saw in the third quarter compared to a year ago and the fact that we are able to maintain our operating margins in that kind of environment, I think that speaks to a fact that this business is far better positioned to deal with economic shocks that it has ever been. So I feel actually quite optimistic about our ability to navigate through any sort of difficulties. I think we have a good portfolio businesses. I think we are greatly diversified from the end markets in geographies. I think we have a much better handle on our cost structure than we ever had before. I think we already have a plan going forward on our footprint, now it is just a matter of executing perhaps fashion on them otherwise. So, the balance sheet is incredibly strong. None of us likes this sort of environment of course but these are great opportunities for companies like Belden and I think to differentiate itself as a clear leader and that is the way we are thinking about it. Keith Johnson – Morgan Keegan: I guess just one last question. Talking about inventory management within the different channel, to some extent North America has been slowing earlier than Asia and Europe or customers are already adjusting inventory balances coming to the summer in North America and to staying a little bit more paced or was it a significant adjustments you came through September quarter?

Well we have seen some amounts of inventory management throughout the year and we talked about that earlier but we saw a much, much greater attention to it in the third quarter and especially September. September was a dramatic change from what we have seen earlier in the year. Keith Johnson – Morgan Keegan: Do you think a lot of that is related to more credit issues or more underlying market demand?

I think it is three things; I think there is credit concerns that our customers and our channel partners that they have to be mindful of their working capital. I think that they are clearly preparing for a slowdown and I think thirdly, with commodities so volatile they are wondering whether or not their inventory position is overpriced given what might be happening in the future and therefore they are being cautious.

Your next question comes from the line of Alvin Metranie - Golden Lakes Asset Management.

Just a quick question. Thank you for all the color you have given. You have not really told us what your competitors are doing in this environment and how some of the smaller companies that you compete with them thinking more of the enterprise cabling business and some of the other areas are doing. Can you just talk about what the competitive response has been whether it is competing with price they are trying to or cutting inventories or doing something and also maybe talk about some larger competitors and how do you expect that to play out?

Well I think it varies by region. We have already seen some of our larger competitors in Europe come out and say that their demand is weakening. Some of those companies are not blessed with the same balance sheet that we have and therefore they may not be able to do all the things that they would want to do some of the things we are going to be able to do. I think what we should expect around the world is that the environment was going to be competitive. That people are going to be looking very, very carefully at any opportunity that exists. I like our position obviously a lot better than theirs. I like the fact that we have got outstanding channel relationships that we can build upon. I like the fact that we have got an improving sales organization that creates end user demand and creates real hard specs and I like the fact that we have got a strong footprint to be able to take advantage of a cost structure and therefore be aggressive when we need to be on business. So, in the third quarter I would not say we saw an enormous change in the competitive environment. I would say that we are looking probably even more closely now than we ever have been in terms of how we go after projects and making sure that we are smart about our project business. Clearly as I mentioned, our LTK business continue to do great things in the third quarter on purging low margin business. We will continue to attend to that so I think the environment might get a little bit more competitive here going forward but it really is not a great concern of ours because I think we are well positioned to deal with it.

Okay great and then also just to add, I may have missed it, could you give us an update as to what you think cap spending will be for 2008 and where you can see it leveling at in '09 and in 2010?

Well I think our cap guidance for 2008 is unchanged. We have a project that is $60 million. We have projects committed to the new factory in Shuzou for example that we are going to finish of course and then we have not really updated our CapEx for 2009 and going forward. We will do that in December when we are all together but we are going to look at everything including CapEx to make certain it is appropriate with the new environment.

We are overtime. We need to cut out now. Trisha, I think we will have to stop here. Thank you very much everybody for good questions. If we did not get you please give us a call this afternoon. Thanks again for joining us on the Belden earnings conference call. We sincerely appreciate your interest and we will be happy to entertain your call for follow up questions. This concludes our call.

Thank you, ladies and gentlemen. This concludes our call for today. You may disconnect from the call and thank you again for participating.