Good morning, ladies and gentlemen, and welcome to the Cooper Standard First Quarter 2014 Earnings Conference Call. [Operator Instructions] As a reminder, this conference call is being recorded this morning, and the webcast will be available for replay later today. I would now like to turn the call over to Glenn Dong, Vice President and Treasurer. Please go ahead.

Thank you, and good morning. Please note that certain information in this call may be forward-looking and contain statements based on current plans, expectations, events and market trends that may affect the company's future operating results and financial position. Such statements involve risk and uncertainties that cannot be predicted or quantified, and that may cause future activities and results of operations to differ materially from those discussed. For additional information, we ask that you refer to the company's filing with the Securities and Exchange Commission. This call is intended to be in compliance with Reg FD and is open to institutional investors, security analysts, media representatives and other interested parties. A reconciliation of certain non-GAAP financial measures used during this call can be found in the appendix of this presentation. At this time, I'd like to turn the call over to Jeff Edwards, Cooper Standard's Chairman and Chief Executive Officer.

Okay. Thank you, Glenn, and good morning, everyone. I am turning to Slide 4. We had a solid quarter highlighted by 12% year-over-year sales growth and strong momentum towards a return to double-digit EBITDA margins. Our team in North America and in Europe have been able to address the specific challenges and begin to return to what we were referring to as a more normalized operations. For strategy in Europe is gaining traction, which I'll cover in more detail in a couple of slides. We've also enhanced our bench strength, hiring over 700 engineers and other technical talent to support the global growth. Slide 5 discusses the current dynamics in North America, where production volumes remained strong at 16.8 million units for the year. However, we are starting to feel some headwinds related to full-sized trucks, really related to planned downtime for new launches and retooling here in North America. North American region posted strong sales with a year-over-year increase of 13%. As I highlighted in the opening our team in North America has stabilized, the challenges from the latter half of 2013 and are on track for resuming normalized operations by the end of the second quarter. Our investments in bench strength and infrastructure, in business systems, has had a positive impact as well in improving launch performance and creating breakthrough innovations for Cooper Standard. Slide 6 provides an overview of improvements in our Europe business. We have seen a slight pickup in vehicle volumes in Europe in the quarter, but overall, the forecast for the year remains unchanged at 19.6 million units. Sales in the region increased 16.5% year-over-year, as a result of gaining market share and rebounding sales from our key customers. Much of the traction we've gained is a result of improving our leadership strength in…

Thank you, Jeff. Turning to Slide 11. Cooper Standard generate sales of $837.6 million, up 12% from $747.6 million in the first quarter of last year. Sales grew in all regions after adjusting for foreign exchange impact, but were noticeably stronger in North America and Europe. Our North American operations reported sales of $432.6 million, an increase of $49.8 million or 13% from the same quarter of previous year. As compared to North American vehicle production increase of 5.8%. Sales were impacted negatively by $7.2 million due to weakening of Canadian dollar against the U.S. dollar. Sales in Europe for the quarter were $308.2 million, up $43.7 million or 16.5% from the same period prior year, with $11.4 million of favorable foreign exchange. We're cautiously optimistic about the region, with vehicle production up 5.3% in the quarter and signs of improvement at some of our key customers. Brazil continues to be an important and challenging region, with vehicle production down and currency fluctuations in the quarter. Our business generate $39.8 million of sales, down 12.4% from the previous year quarter, primarily due to $7.3 million of unfavorable foreign exchange. Sales were up 3.7%, when equalizing foreign exchange. Asia Pacific operations reported sales of $57.1 million in the quarter, up 4% from the same period in the previous year. Actually, our nonconsolidated joint ventures continued to perform nicely, generating sales of approximately $120.6 million in the quarter, a 6.8% increase from the prior year period. Consolidated gross profit for the quarter was $134.3 million or 16% of sales, up $13.9 million from the same period in the prior year. Increase in gross profit was driven by high sales in our continuous improvement savings, partially offset by vehicle launch cost, higher staffing, and effects of our customer price concessions. Additionally in this…

[Operator Instructions] Your first question comes from Graham Morris from Contrarian Capital.

I was wondering if you can comment on how large the onetime charges were related to the product launch and the additional staffing charges?

What we said last quarter is we had $17 million in the quarter, that $13 million of them did not repeat in the first quarter. And that's what we're saying today, that they did not.

[Operator Instructions] Your next question comes from Ed Stefanski of Vizium.[ph]

Are you planning to have any transformative events in the coming quarters?

We are in no position to announce anything.

[Operator Instructions] This concludes our conference call. You may now disconnect.