Good day, ladies and gentlemen, and welcome to the first quarter 2008 NACCO Industries earnings conference call. My name is Akia, and I'll be your operator for today. At this time, all participants are in a listen-only mode. We will conduct a question-and-answer session toward the end of the conference. (Operator instructions) As a reminder, this conference is being recorded for replay purposes. I would now like to turn the presentation over to your host for today's call, Ms. Christina Kmetko. Please proceed, ma'am.

Thank you. Good morning everyone and thank you for joining us today. Yesterday, a press release was distributed outlining NACCO's results for the first quarter ended March 31, 2008. If anyone has not received a copy of this earnings release or would like a copy of the 10-Q, please call me at 440-449-9669 and I will be happy to send you this information. You may also obtain copies of these items on our web site at www.nacco.com. Our conference call today will be hosted by Al Rankin, Chairman, President, and Chief Executive Officer of NACCO Industries. Also in attendance representing NACCO is Ken Schilling, Vice President and Controller. Al will provide an overview of the quarter and then open up the call to your questions. Before we begin, I would like to remind participants that this conference call may contain certain forward-looking statements. These statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements made here today. Additional information regarding these risks and uncertainties was set forth in our earnings release and in our 10-Q. In addition, certain amounts discussed during this call are considered non-GAAP numbers. The non-GAAP reconciliations of these amounts are included in our 2008 first quarter earnings release, which is available on our web site. I will now turn the call over to Al Rankin.

Good morning to all of you. NACCO's net income for the first quarter was $2.7 million, $0.33 a share, on revenues of $865 million. That compares with net income for the first quarter of 2007 of $6.6 million, or $0.80 a share, on revenues of $803 million. First, some highlights of the first quarter. NACCO Materials Handling Group Wholesale's net income declined $1.2 million to $7.9 million. Increased sales prices and sales of higher margin units did not offset the effects of increased material and delivery costs, higher warranty and manufacturing costs, and increased SG&A expenses. Both years' quarters included restructuring and associated costs of approximately $1.6 million to $1.7 million net of taxes. Revenues increased 15% in the first quarter compared with the first quarter of 2007. First quarter shipments increased to 22,341 units from a level of 21,514 units in the first quarter of 2007. NMHG Wholesale's worldwide backlog was approximately 29,100 at March 31, which compares with 30,000 units a year ago and 30,500 units at December 31, 2007. NMHG Retail's net loss of $600,000 in the quarter of 2008 decreased compared with the net loss of $3.7 million in 2007. The decrease was the result of programs put in place in 2007. Clearly, significant progress was made toward achieving at least breakeven results, while building market position. Hamilton Beach's net loss was $2.8 million in 2008 compared with a net loss of $100,000 in 2007. The increased net loss for 2008 resulted from lower sales volume, increased product costs not fully offset by price increases and increased interest expense of $2.1 million pre-tax or roughly $1.3 million after-tax, primarily due to increased borrowings related to $110 million special cash dividend which was paid in May of 2007. Kitchen Collection's net loss was $3.2 million in 2008,…

Akia?

(Operator instructions) Your first question comes from the line of Frank Magdlen. Please proceed. Frank Magdlen – The Robins Group: Good morning, Al.

Good morning. Frank Magdlen – The Robins Group: Your position of rising commodity costs isn't any different than anybody else in the manufacturing world. But, could you give us a little bit of an illustration of maybe the percentage increases that you are seeing and then maybe a better understanding of how much you have to increase price to get your margins back to where they should be? The lag you mentioned was two or three quarters if I understood it right.

Yes, it depends on the particular area of the world that you are talking about. But, if I took an average, it's running around 3% cost increases. Let me say that those cost increases are net of, what we call, our Value Improvement Program decreases. The VIP program is an integral part of our business. And it's designed to go out and find improvements, either lower cost sources or improved engineering, different materials, and so on and so forth. But, the net is around those kinds of numbers. It really, though, doesn't tell the full story because other elements than what are contained in the strictly defined manufacturing costs of our products are also going up. For example, costs for ocean freight are going up significantly and that affects both our NACCO Materials Handling Group and our Hamilton Beach business. By the way, my comments on cost increases were really focused on NACCO Materials Handling Group. I'll come to the others in a minute. Fuel costs are going up for transportation. That affects NACCO Materials Handling Group. So there are a broad set of costs that are increasing and sort of flowing through the P&L. We have a concerted effort in place to look at the detailed effect on our products, if you will, series by series, so that we can determine how much those cost increases have been. And we feel that our competitors are struggling with the same kinds of cost increases and there's nothing particularly unusual about our position. In addition, I would add that while currencies have had a net negative effect on us that in the United States certainly, our relative currency position in many of our products has probably been improved because we've a great deal of dollar content. On the other hand, there…

(Operator instructions) At this time, I'm showing there are no more questions. I would like to turn the call back over to Mr. Al Rankin.

Okay. We thank all of you for joining in. And Christy will be available to answer further questions should you want to give her a call. Christy?

If you do have any further questions, please call me at, again, 440-449-9669. Thank you, and have a good day.

The replay for this call will be available in approximately two hours. To access the replay, please dial 888-286-8010 toll free and 1-617-801-6888 internationally. The replay passcode is 72205058. The replay will be available for eight days. Thank you for your participation in today's conference. This concludes the presentation. You may now disconnect and have a great day.