Greeting ladies and gentlemen and welcome to the Methode Electronics Incorporated fiscal 2010 Second Quarter earnings conference call. At this time, all participants are in a listen only mode and a brief question and answer session will follow the formal presentation. As a reminder, this conference is being recorded. This conference call does contain certain forward-looking statements, which reflect management’s expectations regarding future events and operating performance and speak only as of the date hereof. These forward-looking statements are subject to the Safe Harbor protection provided under the securities laws. Methode undertakes no duty to update any forward-looking statements to conform the statements to actual results or changes in Methode’s expectations on a quarterly basis or otherwise. The forward-looking statements in this conference call involve a number of risks and uncertainties. The factors that could cause actual results to differ materially from our expectations are detailed in Methode’s filings with the Securities & Exchange Commission such as our annual and quarterly reports. Such factors may include without limitation the following: One, dependence on the small number of large consumers within the automotive industry; two, rising oil prices could affect our automotive consumer and future results; three, the seasonal and cyclical nature of some of our businesses; four, dependence on the automotive industry; five, dependence on the appliance, computer and communications industry; six, intense pricing pressures in the automotive industry; seven, increase in raw material prices and eight, customary risks related to conducting global operations. It is now my pleasure to introduce your host Mr. Donald Duda, President and Chief Executive Officer of Methode Electronics Incorporated. Thank you Mr. Duda, you may now begin.

Thank you Chris and good morning everyone. Thank you for joining us today for our fiscal 2010 second quarter financial results conference call. I am joined today by Doug Koman, Chief Financial Officer and Ron Tsoumas, Methode’s Controller. Both Doug and I have comments today and afterwards we will be pleased to take your questions. Methode’s performance of the second quarter of fiscal 2010 improved on a sequential basis for both our automotive and interconnect segments. With sales in both segments increasing over the first quarter of the previous year over this year. Additionally, even though consolidated revenues declined approximately 19% year over year, Methode achieved earnings per share of $0.06 of second quarter of this fiscal year, compared to $0.01 a year ago. Additionally, consolidated gross margins improved to 22.1% in the second quarter compared to 20.2% for the same period last year. During the second quarter, net sale benefited by $1.7 million relating to a one time reversal of pricing contingencies which were approved over several years and are no longer required. Additionally, the second quarters of both fiscal 10 and fiscal ’09 were impacted by restructuring charges, $3.2 million and $6.3 million respectively. If we remove these items, non-GAAP earnings per share were $0.10 in the second quarter of fiscal 10 compared to $0.11 in the same period of fiscal ’09. Hence despite an almost 19% drop in sales, the non-GAAP earnings when we paid off slightly off a year ago number. We are very pleased with the sequential improvement in our interconnect segment. Although there was a year over year decline in sales, the segment did improve sequentially by nearly $6 million from the first quarter to the second quarter. This revenue improvement was related to higher sales in touch sensor, Data Mate and Hetronic. Although…

Thanks Don, good morning everyone, let me start with a review of the sales gross margins and pre-taxed income for our reporting segments. The automotive segment had second quarter sales of $56.2 million, that’s down 25% compared to 75.2 last year. For the six month period sales were $107.4 million down almost 33% compared to a $159.9 million last year. The decrease is due to the softening of the global economic environment, especially the effect on North American automotive industry. Also this year, we had minimal sales to Chrysler in the quarter and six month period compared to last year, where we had $5.8 million in the quarter and $16.1 million in the six months period, we substantially had completed the transfer of Chrysler product by the end of last year’s second quarter. Also sales to Delphi decreased $6.8 million in the second quarter and $9.8 million in the six month period. This is due to a combination of both the lower sales volume year-over-year and the cancellation of the supply arrangement effective September 2009. Additionally, as Don pointed out sales in the both the second quarter and the six months period benefited from the reversal of the $1.7 million accrual for pricing contingences that are no longer required. In the quarter, we form sales were impacted by about 300,000 positively impacted in the second quarter, but for the six month period the foreign exchange decreased sales by about $1.3 million. In the second quarter, gross margins for the automotive segment were $13 million or about 23% of sales compared to $15.8 million or 21% of sales last year. For the six months gross margins were $23.7 million or 22.1% of sales compared to $33.4 million or 20.9% of sales last year. Gross margins benefited from the $1.7 million accrual…

Well, thank you very much. Chris we are prepared to take questions.

(Operator Instructions) Your first question comes from David Leiker - Robert W. Baird.

A handful of items here, if you look at and I mean you may have gone through this. But if you look at the revenue overall, you are up sequentially and if adjust further restructuring and the legal issues your profitability is generally flat. Is there anything in particular there that I’m missing as I look at it from that perspective?

You are looking at the sequential change?

Yes. The revenues are up $10 million roughly and if you pull out the pricing issue that the gross profit, your gross profit looks like it’s flat. Just up about a few hundred thousand dollars.

I think we have been just focusing on the gross margin improvement and below the line we had again the $1.5 million of litigation expense related to dell pie?

Right, that’s in SG&A line though, isn’t it?

Yes, I thought you were pointing to the pretax number.

The gross profit number is roughly $15 million in both quarters, $15 to $16 million will be pull off the pricing itself and we will get follow up with this later if you want. I was just trying to get understanding by sequentially that the gross profit number wasn’t higher and the $10 million increase in revenue.

All right, let’s follow up on that.

Okay. As we look at the Delphi, how much of an impact on revenue did that have, you would be ending up doubting what one month worth of Delphi in the numbers, is that right?

Yes. They cancelled it just about mid September so that would have been about a month and a half, but they were probably building some things a little bit, and If you look at the queue what we indicate there is that the number is down 6.8 in the quarter and compared to last year, and resulting in $6.6 million in sales in the quarter to Delphi.

Okay, so that’s what your revenue in the quarter.

Right, that’s in our queue.

Okay, and then, I know it’s a little touchy subject. But I mean there is a litigation cost, the magnitude and the time table of that I know is a little bit uncertain. But is there any thought you can give us that relates to that.

We said in our six months.

Right. At one point we just told that the litigation these related to Delphi were $1.9 million.

Was that in the quarter or is that a total amount that you in fact…

That’s a six month period. The quarter was $1.5 million.

Okay. Looking forward can you give us any insight into what those numbers are going to be.

I would maybe look, it is hard to say because litigation, when you are in court and in that position it's quite high, and then things go on to a little bit and it drop sound, if you can look at the six month average, that’s one way of looking at it, there is two pieces of litigation here, there is one in State Court there is one in Federal Court, I have done the agreement one is on the patents. I don’t know how much more I can say that, if I look at the run rate.

(Operator Instructions) Mr. Duda and Mr. Koman there are no further questions at this time. I would like to turn the floor back over to for any closing comments or remarks you may have.

Thank you Chris, we’ll just thank everyone for listening today and wish everyone a pleasant day.

Ladies and gentlemen this does conclude our today’s teleconference. You may disconnect your lines at this time. And we thank you all for your participation. And you have a wonderful day.