Welcome to the Unisys Second Quarter 2015 Results Conference Call. At this time I would like to turn the conference over to Mr. Niels Christensen, Vice President of Investor Relationships at Unisys Corporation. Please go ahead.

Thank you, operator. Good afternoon everyone and thank you for joining us. Earlier today Unisys released its second quarter 2015 financial results. With us this afternoon to discuss our results are Peter Altabef, our President and CEO and Janet Haugen, our CFO. Before we begin, I'd like to cover a few details. First, today's conference call and the Q&A session are being webcast via the Unisys Investor website. Second, you can find the earnings press release and the presentation slides that we will be using this afternoon to guide our discussion on our Investor website. And third, today's presentation, which is complementary to the earnings press release, includes some non-GAAP financial measures. These have been provided in an effort to give investors additional information. The non-GAAP measures have been reconciled to their related GAAP measures and we provided reconciliations within the presentation. Finally, I would like to remind you that all forward-looking statements made during this conference call are subject to various risks and uncertainties that could cause actual results to differ materially from expectations. These factors are discussed more fully in the earnings release and in the company's SEC filings. Copies of these SEC reports are available from the SEC and from the Unisys Investor website. Now I'd like to turn the call over to Peter.

Thank you, Niels and thank you all for joining us today. In the second quarter we accelerated our efforts to improve Unisys' profitability, increase our competitiveness and market differentiation and ultimately drive revenue growth. During this call I will take you through our second quarter performance and provide an update on our progress. In the second quarter we reported revenue of 765 million, a decrease of 5% from the same quarter last year with an increase of 4% on a constant currency basis. We had revenue growth in both our services and technology segments on a constant currency basis. The gross profit in our technology segment was lower year-over-year despite essentially flat revenue due to a higher proportion of non-proprietary technology. Our technology operating profit margin improved significantly due to lower SG&A costs. While it improved sequentially, our services gross profit was below the prior year and continues to be challenged but the startup costs are new multi-year engagements. The company's gross and operating profits in the second quarter of 2015 were adversely impacted by the initial cost reduction charges associated with the program we announced in April as well as higher year-over-year pension expense. Excluding the impact of the cost reduction charges and pension expense during the second quarters of 2015 and 2014 our diluted earnings per share rose to $0.33 per share from $0.11 per share. As I’ve mentioned before, we’re increasingly focused on vertical markets to build on our strengths, offer attractive growth and margin potential and provide a good fit for our capabilities and offerings and our three aggregated verticals, are government, commercial and financial services. In the second quarter of 2015 government revenue increased to 10% on a constant currency basis. Our government vertical includes revenue from both the U.S. Federal government and the public…

There is still much work to do but I'm confident that we’re making the changes necessary to build a more cost effective, efficient and profitable company. Thank you again for joining us. I will now turn the call over to Janet to discuss our second quarter results and we will then open the call to questions.

Thank you, Peter. Hello everyone and thank you for joining us this afternoon. Please turn to slide 3 for a discussion of our second quarter 2015 financial results, there were two factors that significantly impacted our results in the quarter. First year-over-year movements in currency rates affected the comparison of our performance and I will identify the impacts as I discuss the results. Secondly, we recorded a $53 million pretax charge related to our cost reduction action and I will cover this in more detail later in my comments. We reported revenue of $765 million in the quarter which was down 5% year-over-year but up 4% on constant currency basis. This represented the second consecutive quarter of growth on a constant currency basis. The major currency fluctuations impact our year-over-year comparisons are the Euro to Sterling, the Brazilian real and the Australian dollar. Based on today's rates we anticipate currency will have an 8 to 9 percentage point unfavorable impact on revenue comparisons for the third quarter of 2015 when compared to the third quarter of 2014 and an unfavorable impact of 7 to 8 percentage points for the full year. Our overall gross profit margin of 16.3% declined from 20.5% in the second quarter of 2014. Off the 420 basis point reduction the cost reduction charges and increased pension expenses were responsible for 270 basis points of the decline and 90 basis points additionally were due to currency fluctuations. The remaining 60 basis point reduction reflected lower services and technology gross margins. There is minimal benefit from our cost reduction actions included in the gross margins in the second quarter. The year-over-year operating expense increase was caused by the cost reduction charges of $39 million and a $2 million increase in pension expense. Excluding the cost reduction charges and…

Janet, thanks very much. Operator I think we will now be open for questions or comments.

There being no questions we will end the call. We remain available for discussions following the call and at any time in the future. So please don’t hesitate to contact us. Niels, anything further at this point?

I would just echo that and we look forward to hearing from everybody. Thank you for listening to the call today.

All right. Thank you very much.

And this does conclude today's conference call. Thank you again for your participation and have a wonderful day.