Good day, ladies and gentlemen, and welcome to the Q2 2008 Stoneridge earnings conference call. My name is Lequisha and I will be your coordinator for today. At this time, all participants are in listen-only mode. We will be facilitating a question-and-answer session towards the end of this call. (Operator instructions) I would now like to turn the presentation over to your host for today's call, Ken Kure, Corporate Treasurer. Please proceed.

Good morning, everyone, and thank you for joining us on today's call. By now you should have received our second quarter earnings release. The release has been filed with the SEC and has been posted on our Web site at www.stoneridge.com. Joining me on today's call are John Corey, our President and Chief Executive Officer, and George Strickler, our Chief Financial Officer. Before we begin, I need to inform you that certain statements today may be forward-looking statements. Forward-looking statements include statements that are not historical in nature and include information concerned about our future results or plans. Although we believe that such statements are based upon a reasonable assumption, you should understand that these statements are subject to risks and uncertainties and actual results may differ materially. Additional information about such factors and uncertainty that could cause actual results to differ may be found in our 10-K filed with the Securities and Exchange Commission under the heading "Forward-looking Statements.” During today's call, we'll also be referring to certain non-GAAP financial measures. Please see the Investor Relations section of our Web site for a reconciliation of these non-GAAP financial measures to the most directly comparable GAAP measures. John will begin today's call with an update on our results and his thoughts on the remainder of the 2008 outlook and market conditions. George will discuss the financial details of the quarter, along with our guidance for the rest of the year. After John and George have finished their formal remarks, we'll then open up the call to questions. With that, I'll turn the call over to John.

Good morning and thank you for joining us on today's call. We will provide you with an update on our progress in the second quarter and discuss our expectations for the remainder of the year. For the quarter, our sales of $213.2 million increased by $29.4 million, or 16%. Our first quarter set a record for Stoneridge in terms of quarterly revenue exceeding $200 million. We have now done it again, as we have achieved our second consecutive quarterly sales level over $200 million. Our sales in the first half were $416.3 million, an increase of $47.5 million, or 12.9% compared to last year. This increase was achieved in spite of the decline in the North American light truck production and flat commercial vehicle production. Our operating income totaled $10.8 million, compared with $6.9 million in the prior year, an increase of $3.9 million, or 56.5%. Our 2008 second quarter operating income includes $3.7 million in restructuring charges, which were the result of our Mitcheldean, UK, and Sarasota, Florida, restructuring efforts, previously announced in October of 2007. Finally, our diluted earnings per share, which includes approximately $0.12 per share for the restructuring expenses, totaled $0.20 in the second quarter, compared with $0.11 per share in the prior year. The prior year earnings per share included approximately a $0.05 per share gain from the sale of two buildings. Including our restructuring charges, the current earnings per share increased by $0.09 per share, or 81.8% over the prior year. Our first half operating income was $24.9 million, an increase of $8.3 million, or 50%, compared to the prior year. On this management team's first call in 2006, we reviewed our plans for the company by focusing on improving operations, improving financial performance, and increasing market penetration. As we review the quarter, you'll…

Thank you, John. Before we review the second quarter, I'd like to share a few financial and operational highlights in the quarter that applies to the original plan we shared with you previously we are executing. Our restructuring programs continue to track to plan. Our hedging programs are allowing us to partially reduce our exposure to commodity and currency price volatility. We have hedged approximately 20% of our projected copper buy for this year to reduce the volatility on our major commodities. Cost to manufacturing inefficiency, though still too high, continue to improve. Costs of poor quality in the second quarter 2008 have improved compared to the similar sales level of 2007. We are committed to improve our cost to capital. During the first quarter of 2008, we purchased $11 million of long-term bonds and an additional $6 million in April of our long-term 11.5% coupon bonds for a total of $17 million, which will benefit us in 2009 with lower interest expense. We'll continue to monitor the capital markets and we'll pursue recapitalization opportunities as the capital markets recover. On May 19, 2008, we announced that we were rescinding our IPO filing with the CEM, which is the SEC equivalent in Brazil. The equity markets have been under significant pressure and we did not believe it was a good time to come to market. However, we will restart the process when we believe the equity markets will be more receptive to an IPO for our Brazilian joint venture. We will continue to focus on cash flow and improving our return on invested capital, driving our target to 15% by 2009. Compared to the second quarter of 2007, we have improved our debt to debt plus equity from 57% to 44.8%, the lowest level in the last 6 years. This…

(Operator instructions) At this time, there are no questions.

Okay. Well, if there are no questions, I'll just close the session with the following comments. I think that as we look at the market environment, particularly in North America, everybody is being challenged by this environment. I think our company is better positioned from the fact that we've taken action early to restructure our businesses. As you know, we've started our restructuring program last year and will wrap up – largely wrap it up this year although we may have a few other things that we might do later in the year to further enhance our capabilities for next year. So I think that Stoneridge is well-positioned. I think that you're seeing that the balance of our mix of products in both the commercial vehicle market and the automotive market, that we're able to pick up in other areas. We're winning new awards. We're happy with our rate of winning new awards, so I think that as we go through this, there will be some difficult times, but we're largely optimistic about the future of this company and where we're going and what we're doing, and I think as you see, when we get out of this major restructuring effort, we'll have a much leaner organization, a much more focused company, fewer operating plants and less overhead structure, which should position us well to compete in the future. And again, I'd finally like to say, again, I'd like to thank the team, because our associates here are the ones who produce the results. And if you look at these results, again, they're very good results in a very difficult environment. So with that, I'd like to thank you all for joining us on the call.

Thanks for your participation in today's conference. This concludes the presentation. You may now disconnect.