Good day, everyone and welcome to Diebold Incorporated’s second quarter financial results conference call. At this time for opening remarks and introductions, I would like to turn the call over to the Vice President and Chief Communications Officer, Mr. John Kristoff. Please go ahead, sir.

Thanks, Tim. Good morning and thank you for joining us for Diebold’s second quarter conference call. Joining me today are, Tom Swidarski, President and CEO and Brad Richardson, Executive Vice President and CFO. Just a few notes before we get started. In addition to the earnings release, we’ve provided a supplementary presentation on the Investor page of our website. Tom and Brad will be walking through this presentation as part of their comments today, and we encourage you to follow along. Before we discuss our results, as with past calls, it’s important to note we have restructuring, impairment charges and non-routine income and expenses in our financials. We believe that excluding these items gives an indication of the company’s baseline operational performance. As a result, many of the remarks this morning will be focused on non-GAAP financial information. For a reconciliation of our GAAP to non-GAAP numbers, please refer to the supplemental material at the end of the presentation. In addition, our results of operations reported today, including prior periods, exclude discontinued operations. Finally, a replay of this conference call will be available later today from our website. And as a reminder, some of the comments today may be considered forward-looking statements. Internal and/or external factors could significantly impact actual results. As a precaution, please refer to the more detailed risk factors that have previously been filed with the SEC. And now with opening remarks, I’ll turn it over to Tom.

Thanks John. Good morning, everyone. Thank you for joining our call today. We are pleased to report a solid second quarter with better than expected results in several key areas of the company. Growth continues in North America particularly in the U.S. regional bank space, driven by strong demand for deposit automation and new technology needed to meet pending regulatory and industry compliance standards. We also drove operational progress in EMEA during the quarter and are on track to reach a breakeven run rate in the region by year end. In addition, during the quarter some revenue came in earlier than anticipated helping to reduce the heavy second half of our forecast. Increased order activity in North America continues to drive the business on a macro level. In fact, our financial self service product order backlog in North America is up 75% from last year and is now comparable to levels we had prior to the financial downturn. Importantly, much of this growth is occurring in the regional bank space, where financial self service product orders grew 180% in the quarter. This is an increase from the growth in product orders we experienced in the first quarter of this year and fourth quarter of last year, which were up 90% and 150% respectively, illustrating the continued momentum in this segment. Given this continued strength in our North America financial self service business we have increased confidence in our outlook for the remainder of the year. Let’s now take a closer look at our financial results in North America. During the quarter, total revenue increased 5%, while overall product and service orders grew about 14% in the region. Looking at just product orders for financial self service in this region, we saw an increase of around 18%. Demand for deposit automations…

Thanks Tom, and good morning everyone. Before we get into the financials, I will provide an update on our progress in EMEA restructuring, our compliance efforts and the second half seasonality of our forecast, which has changed slightly. Regarding our restructuring efforts in EMEA we are executing on our plans across the region. As Tom indicated, we have identified $8 million in cost reductions that will be realized in 2011. This will be accomplished through core country rationalization, lower manufacturing and logistics cost and improved administrative efficiencies through leveraging our shared services infrastructure. In addition, we have identified other actions during the quarter that will result in further savings in 2012. As a result, we are raising our restructuring estimates for the full year. We are confident that the actions we are taking are beginning to produce visible results. As Tom also mentioned, we were able to reduce our losses in the region by half in the second quarter compared with the first quarter. In fact, we showed a slight profit for the month of June on strong year-over-year revenue growth. We have a long way to go before we are consistently profitable in EMEA on a month-to-month basis; however, I am encouraged by the early results we have generated and even more confident that we will achieve our target of reaching a breakeven run rate by year end. In regards to our compliance efforts during the quarter, our global FCPA compliance review remains on schedule with no material development since our previous earnings call. We still expect the FCPA review will be completed by year end. FCPA related costs for the quarter were approximately $4 million down from $6 million in the first quarter of 2011 and the fourth quarter of 2010. Also on the compliance front, during the…

Thanks Brad. I assume we are ready to open it up for questions now. We just ask each caller to try to limit yourself to two questions initially and then get back in queue so that we have an opportunity to get through everyone’s questions. Thanks. Tim?

(Operator Instructions). And we will go first to Matt Summerville with KeyBanc. Matt Summerville – KeyBanc Capital Markets: Good morning, couple of questions. First, Tim I think you may be mentioned this but I want to make sure I understand the small bank order book or the regional bank order book in North America that you have now compares to the prior peak how Tom?

In terms of the regional orders that we are basically back to where we were prior to the, what you call the financial economic crises throughout. So in the self service side it’s improved dramatically as you can see by the percentage increases over the last three quarters and sequentially as well. Matt Summerville – KeyBanc Capital Markets: So, if we look at kind of where your product gross margins back in out the items a little over 25 kind of where they are at in the second as you get into the sweeter spot in that backlog. Do you think your product gross margins have room to move back to where they were pre sort of the financial crises? I guess how are you thinking about your backlog in the margin upside from here?

Yeah, so Matt I think if we just compared North America to North America, I’d say we are going to feel pretty confidence from where they move back to, I think when you mix in the rest of the world particularly the Asia pricing issues where we are at in the EMEA, I think that while we might see some increase in product gross margins. I think it’s going to be muted as a result of folks of regions outside the U.S. and particularly with kind of the Asian influence from a pricing standpoint and given that Asia as you saw from our orders and from the revenue continues to grow that mixes in and impacts that number. Matt Summerville – KeyBanc Capital Markets: Okay, and then just one final question I’ll get back in queue, you talked about the incremental cost savings that you expected from your efforts in EMEA at $8 million or the total cost savings at $8 million realized in 2011 based on all the actions you are taking (Audio Gap) taking then how much would that tee up to be incrementally realized in 2012?

I think we will be in a much better position the next couple of quarters to give you some better direction on that, I think we have some aggressive plans in EMEA that we are executing again so we feel good about how we are moving down that path. But until we actually realize those and measure that accurately, I think we would wait to give some direction on that, I want more confidence and our ability to deliver it more confidence in our ability to steer here correctly. Matt Summerville – KeyBanc Capital Markets: Thanks Tom.

You’re welcome.

And we will go next to Gil Luria with Wedbush Securities. Gil Luria – Wedbush Securities: Yes, good morning. So it sounds like we are at the end of the July and then given the timeframe between your receiving orders and being able to actualize the revenue and recognize the revenue. It sounds like from your commentary that you have everything you need, you have sold everything you needed, you have gotten the orders you need to give you confidence for results for your guidance for the rest of the year, now it’s just a matter of executing on those orders.

Yeah Gil, I would say that’s very close but we still have work to do here in August relative for the remainder of the year but certainly we’ve taken a lot of risk off the table with the size of the orders we have recognized or realized around the world and certainly July was very critical component of that, we were anticipating that they have been realized. So now some of the risk becomes more of the implementation risk of in the November, December timeframe we have schedules laid out, things happened to those schedules. So I would call it more implementation risk whereas last quarter we were saying well there is a lot more risk associated with what we needed to capture in terms of orders. Gil Luria – Wedbush Securities: And Tom, my second question is about the fit of your security business, Tom your ATM business is improving, it’s doing very well, it’s your higher margin business certainly the activity of the regionally U.S. banks is encouraging, you are going in spite of what the portfolio assessment you are doing in Europe. But in spite of the U.S. regional banks doing better the security business does not seem to be doing better, three quarters of your business is still banks and they seem to be buying ATMs but not building a lot of branches. How do you see the long-term fit of this business as it disappoints one more year, this is not the first time you’ve had turn around in this business in the past? And why would you want to invest more capital in M&A in this business if it that’s the if the ATM business is really the business that’s really driving the growth overall?

Yeah, fair question Gil. And the one that we have talked a lot about internally, if you look back in the macro level, the pieces of the security market they are very big piece of the security market that are growing fast that we have not necessarily participated in the way we think we can. A lot of the wins that we’ve had that I mentioned in terms of level of sophistication, the World Trade Center is a nice one now because there’s five or six different projects we have there, order entry in the neighborhood of $30 plus million in one particular site needing the kind of sophistication that you bring to the table as a result of what we’ve able to do on the ATM side. The changes we are making strategically in the security business is one with the recognition that the branch activity right now continues to falter part of that in the regional bank space in result of the capitals we are investing on the ATM side, we had a number of those conversations with folks. So that’s one issue associated with that. The second is our focus of the organization on the security side is both important for the security business as well as the self service business as well. A lot of the activity is pulled through from a security stand point on the ATM. So when we talk about our IS offering, or moving on to the IS side on the bank, what we are talking about is taking the capability that we have in the World Trade Center and brining that back into the banks around the United States and not just focusing on the branch anymore. Because as you can see we’ve demonstrated outside the financial sector that there is a need for kind of capabilities we have, we’re bringing the expertise back into the financial sector now with a focused effort there. And the individual we have to leave, that was the individual we have to leave the IS on the ATM side, to have pretty big confidence there the other thing I would say, if you look at the security business, 60% of it today is recurring. So it has the makeup of exactly what we want, what we have not done the last two years successfully is pushed hard enough in the financial sector in the space it’s growing, which is really enterprise IT kinds of capabilities, which we’ve done outside of the financial. So with that we’ve got a very focused effort on this and our expectations are, you can actually grow this faster once we get the branch piece back to a kind of a more normal level. So that’s why it’s both important strategically as well as practically. Gil Luria – Wedbush Securities: Got it, thank you.

And we go next to Grant Keeney with Northcoast Research. Grant Keeney – Northcoast Research: Good morning. Your comments on the environment India on the move to an outsource model. I was wondering if you could provide some color on the competitive environment there and you know your strategy just given that shift to the outsourced model. You know, there are company’s you are competing versus, who just provide only an outsource service or what’s the competitive environment like?

Yeah, Grant, I would say in India, India evolved, when you look at different markets around the world, India evolved maybe differently, since some of the other markets from the gecko [ph], they were very services oriented on the very front end. So fortunately for us that played into kind of our mode of operation which is, maybe less product centric and more holistic services oriented. So such as we established operations in India, certainly would be the footprint with technology and the product itself, but we begin to develop the services infrastructure that we leverage from Brazil right out of the gate, that gave us some really [ph] experience there. What we’ve seen is the market moving more and more aggressively in that direction, I think we’re well positioned and feel like we have 40% of the market and are the market leader there with some of the biggest banks in that space. You do however find a unique set of players there and there are some small startup, there are other players in this space that you wouldn’t see anywhere else in the world, that certainly are competitors in that arena. We feel like we’re well positioned there because of our total capability and it ties into our service operation, but we certainly have our eye on a lot of these small competitors that we find ourselves up against in some of these bids? Grant Keeney – Northcoast Research: Okay, thank you. And then a follow-up on a previous question you talked about the shift towards more of an outsource enterprise security model, I think you mentioned the change in the field for organization there. Do you expect to grow that business organically or are there companies out there you can acquire to enhance that profile?

Yeah, I think I’d answer that both. I think we’ve got the skill set we’ve got name recognition with these kind of contracts we’ve won, likewise, again we are talking about specific niches where our competencies, give us a competitive advantage in these spaces. So when you think back in terms of a financial sector we have a lot of opportunity there because we haven’t been in that space really at all, we’ve been in more of the bank branch space. So we are talking about taking our competencies back into the banking sector with some of the high end enterprise IT capabilities and there are some marginal players that could add some competencies there for us. So that would be the type of thing we are looking at along with having a broad offering of services, so platforms that offer the capabilities to expand our services offering into that institution becomes important. So it’s not just alarm monitoring, it now is monitoring energy management consumption kinds of things, it’s now monitoring other sophisticated things that we do on the IT side, the video surveillance kind of capability, biometric entry into remote locations, identity management. Those are the types of sophistication that we are able to do at these high end enterprise pieces that we haven’t focused on in the financial, so I would say it’s both capability within this, the verticals that we’re focused on and secondly it would also be companies that add services capabilities to expand, we’re already offering to someone. Grant Keeney – Northcoast Research: Thank you, Tom.

And we’ll take our next question from Zahid Siddique with Gabelli. Zahid Siddique – Gabelli: Hi, good morning.

Good morning.

Good morning. Zahid Siddique – Gabelli: I have a few questions. The first one is on the debt level, I know the debt has gone up by about $50 million roughly. What was the reason?

You’re talking about the debt levels from? Zahid Siddique – Gabelli: From, I believe, Q2 over Q1.

Yeah and really that function of the fact that we had negative free cash flow in the quarter, we had our normal dividend and then we had repurchase 1.1 million shares in the quarter. Again we’re looking at this, Zahid, more from a full year perspective given the backend loading nature of our cash flow. So as we look at the overall free cash flow for the full year of the $150 million, we look at the dividend that we’re going to be outline plus continued execution on the share repurchase, again we expect that will be in a slight net debt position by the end of the year. So I would encourage you to kind of look at the full year as oppose to just the quarter. Zahid Siddique – Gabelli: Okay. And then on Brazil election, you’re sort of expecting roughly $100 million for the rest of the year?

Yes.

Yes.

Yeah, that’s correct. I think we 100 to 105 in estimate, that includes lottery, but that’s the category, that’s right. Zahid Siddique – Gabelli: Okay. And then within the, I guess talking about the M&A, one of your competitors is undergoing an acquisition, currently they are adding another leg to their business. And I wanted to get your thoughts on your end, are you satisfied with the portfolio that you have or could you potentially also be looking to diversify?

Zahid, I think our focus is more with to be more focused on adding capabilities for existing businesses that we’re in. And that’s how I would differentiate it and I would also say that ours would be very, maybe more oriented towards services in the software side and the recurring revenue stream of services in the software side of the business. So that’s how I would differentiate it, I don’t think we have any intentions to try and put a completely different vertical within our portfolio, we are pretty happy with where we are at, we see the opportunities, we think are significant, regarding to the spaces we’re in, we need to execute better within those spaces and add and take advantage of the competencies we’ve built. So that’s the direction we would take on the M&A front. Zahid Siddique – Gabelli: Okay. And also going back to the competitor, we’ve heard that that we’ve been gaining share in North America and Europe, would that mean that you’ve been losing share or is that what’s your take on that?

Well, I mean, I guess I would, for me, this whole share conversation always is brought with a lot of issues, but I would just say, you mentioned North America, if you look at our first North America slide, our regional space was up 183%, or 180% I think in this quarter, we were up 90% the previous quarter, 150%, the prior quarter. So those are our products level numbers and I put those out there because, I get this question all the time and well to me product isn’t really a big indicator of share, I would have to say that those numbers are significantly higher than anything I’ve seen from anyone else. Again, we’re looking the holistic aspect of recurring revenue streams and services that included in those numbers, but our product numbers are much higher than anyone else’s, when you look at it from just a product standpoint. We report product and service together, that’s why our overall numbers would look smaller but when you pull product out, you saw that we are up 80% in product alone in North American financial self service, huge numbers. Zahid Siddique – Gabelli: Sure and just a last real quick one, what was the tax refund, I think you said $20 million, what was it from?

And so the tax refund was $70 million that was received in the prior year, and that was really due to some tax planning work that we did as a result of some divestment activity. Zahid Siddique – Gabelli: Okay and so that was to second quarter of last year, so no refund this quarter?

That’s correct. Zahid Siddique – Gabelli: Okay, thank you so much.

And we’ll take our next question from Julio Quinteros with Goldman Sachs. Roman Leal – Goldman Sachs: Hey, everyone this actually Roman Leal. I wanted to ask a little bit more on the market opportunity in India. How big do you see the addressable market there? How many ATMs do you think there are? What percentage of that is outsourced? And do you think this can potentially become as important as Brazil for you?

I think it will take a while to get the levels of Brazil. The market information you have relative to India is sketchy at best, but let’s say there is about 70,000 units that are there. The difference would be, in the India market today, we are focused on outsourcing and we’re building our competencies there and like I indicated we think we have about 40% of that market. It’s going to grow very fast going forward, I mean, in our business there, banks want to deploy faster, then they have internal capabilities too, plus it’s driving the outsourcing capability. The difference is in Brazil, we’re basically not just an ATM company, we’re an IT company, so we have all sorts of other engagements in these banks that are IT centric providing certain types of technology and even beyond kind of the bank sphere. So it would be, we’d be hard pressed here to say we could get to the level we’re at in Brazil in the next five years, maybe a longer term you can get there. But right now we want to built our competencies, both in the services software standpoint focused on the ATM space and outsourcing with our capability there, feeds into where the market is going, not everybody is moving there, but a lot of players are. And so managing complex networks and doing that well in getting the scale we need is really what we are focused on. We’ve had some good progress there and I would expect that, we just see continued growth over the long-term in India, each year for the next five to ten years. Roman Leal – Goldman Sachs: Great. On the security business what makes you confident that, with the sales kind of restructuring and other changes you made there, what makes you confident, that you will start seeing some top line impact in mid 2012. Is that more of a pipeline, a comment or something else there? And also I understand that the new bank crisis that’s remain weak. But what’s the natural, or is there a natural upgrade cycle to current security systems that kind of encourage banks to rethink their, the security systems and maybe even open the door for you to introduce these new value added services there?

Yeah that kind of, almost the answer I would be playing back to relative to the importance of this space. So first of all, in terms of the organization, we’ve taken the individual that help to create our IS space, IS business on the ATM side to lead our sales effort comprehensively on the security side. So as an individual Greg Steffy, I think many of you have met him, and he has the ability to really take a complete solution and provide it to the marketplace. So, integrated services becomes a key aspect to this, the second piece of that is not only his leadership, but the dedicated resources that we’ve now put under him as well. So we now have security specialists that are focusing on the space, much like we do ATM specialists that can go very deep on these subjects, because security is no longer a very simple topic, it’s a very complex topic and the IT capabilities are required. So as such what we had developed actually outside of financial, which is the reason why the World Trade Center and UN and these other big complex facilities that need deep IT capabilities use us, is the reason we are taking that organization and focusing back on financial. And as we do that, that allows us really to get them into the IT world, relative to security where our skilled and competencies differentiate us from someone using, VCRs or a simple method that they still use in many institutions today, relative to video surveillance and tapes and all sorts of things that are inoculated. But there is not an ability to migrate them, we now believe that we got ability to do that, the markets moving in that direction we are now putting the resource against that with the right leadership and dedication. So we feel pretty good about our ability to do that it’s evidenced by when we put the focus on the non-bank space, we’ve been able to generate the kinds of wins that are quite frankly taken the industry by surprise. So the whole World Trade Center now is got five major projects that Diebold has won in that space, the most recent one, the situation awareness one ties in 11 different facilities, all from different vendors and suppliers to one location this could be monitored all through the software and capabilities that we developed in the design site. Eventually we will be looking to monitor great services from that entire operation, so that’s why I’ve got confidence in our ability to do this. Roman Leal – Goldman Sachs: Great, thank you.

And let’s take our next question from Paul Coster with JPMorgan. Paul Coster – JPMorgan: Thank you, most of my questions have been answered but I do want to talk a little bit longer on this security service question and the allocation of resources. So is it mean that you are going to deemphasize the resource that is allocated to the non-financial services sector. And in terms of your sort of expectation of this demand being in existence in the financial sector, have you actually got a couple of kind of wins under your belt that have given you confidence that the demand pull through there and it’s not just associated with having the right people allocated to the space?

Yeah, good question. And yeah, I would say it is going to force us to, we are taking some resource from some of the non-financial sectors where we have not seen the profitability that we were expecting into the ATM space. So part of it has to do with growth part of that to do with profitability expectations long-term. So as we said on the front end we went in to take a look at security in a lot of these non-financial sectors we are going to analyze both growth rates and our ability to deliver the kind of profitability that would be a credit for the company. As we have looked at that and then also looked at the financial side we have two customers I would say in the top 25 in the United States where we have done significant complex IT security projects for, which has given us a lot of confidence as we’ve gotten in there, in terms of the opportunity because several others have come to us and asked similar type questions. So we see a path to actually taking over the infrastructure of one of the top 25 banks in the United States in terms of running their security infrastructure from the command center all the way to all the technology out to all of the folks in their facilities. So yeah, we have a lot of confidence in it, we have a few wins that are under our belt, we got a long way to go but that’s why we are reallocating resources back. And it’s the space where we know how to climb around in the financial institution, we know where to go, we already know the IT folks. So for me its focused depth with the right competencies will allow us to get in there to generate the kind of growth we have. And at some point as the bank branch activities take place we are going to pick up again. It’s just has not taken place now but certainly a lot of banks have talked to us about that. But we can’t wait for that, that’s why we are focused a lot of taking our enterprise IT expertise back in the large scale projects. Paul Coster – JPMorgan: Do you see some of the quiet of carrying sales people as fungible between the integrated services business and the enterprise security business.

I would say they are fungible from the standpoint of the security technical expertise you need works across the various industries. What is not fungible is your brand. And what is not fungible is the longer the sales cycle. So for us being in spaces we are very comfortable with and have a reputation in allows you to move down this path very quickly, and that’s the goal here. Paul Coster – JPMorgan: Okay, thank you.

And we will take our next question from Matt Summerville with KeyBanc. Matt Summerville – KeyBanc Capital Markets: A couple of follow-up questions, can you guys quantify the magnitude of what we will call a pull forward that you think you experienced from July into June?

I’m looking (Inaudible) I don’t know if I can…

No, I don’t think so, Matt. Matt Summerville – KeyBanc Capital Markets: Okay, and then Tom to one of my earlier questions you talked a little bit about pricing calling out Asia, can you just do kind of a quick walk around the major regions and talk about what you are seeing from a pricing standpoint?

Sure, since you mentioned Asia; let me comment there first. Asia certainly from our vantage point has the most pricing pressure on us because you have most players there and the size of the opportunities also creates pricing pressure. When I look at the other regions of the world if you went in, say Latin America and Brazil I would say it’s kind of consistent that has been, United States has been relatively consistent. And when you look at Europe, Middle East and Africa you would say more or less consistent again the one common theme across all of this would be the big opportunities attract a lot of attention and have a strategic procurement folks involved by the very nature of having more pricing pressure than you do on some of the smaller opportunities, that’s why as the regional banks has kind of begun to do activity that with our reputation and closeness to them. It really gives us a nice competitive advantage with the service infrastructure. Outside of that, it is the major banks across the world it is very price competitive. Matt Summerville – KeyBanc Capital Markets: Okay, that’s actually all I have. Thanks Tom.

You’re welcome.

And we will take our next question from Michael Saloio with Sidoti & Company. Michael Saloio – Sidoti & Company: Hi, thanks for taking my question. Can you guys hear me?

Yes.

Yes. Michael Saloio – Sidoti & Company: Okay. Could you just maybe summarize for us and I know you already gave some detail on this, how many of the previously mentioned three orders you have got during the quarter. And then it seems like you have a number of other orders left, so I am trying to figure out, given the backlog seems up pretty nicely, how much more could be bullied throughout the rest of the year with orders that are kind of still outstanding?

Yes, I think Michael when I talked about it, first I talked about the area of Latin America and Brazil. That was one of the big ones we have talked previously, in Athens [ph] we said we had one significant order during this quarter and three additional ones in July. So that gave us kind of visibility in Asia, we secured one large order in the recently and feel very good in terms of that along with what we said with India and Southeast Asia activities that we feel pretty good about really both of those regions now. So I think last time we said there is some pretty big opportunities out there, depending on how they go, really impact the year. We feel very good with what we’ve secured and certainly we are not stopping don’t get me wrong. But at this point, a lot of the orders are going to be influencing 2012, not 2011. Michael Saloio – Sidoti & Company: Okay, and could you just repeat your comments about what the backlog of ATM’s in Brazil? I think you gave a number but I missed it.

No, I don’t think I did. Michael Saloio – Sidoti & Company: Or maybe Latin America.

I think I had mentioned backlog in Asia.

Which was up 50%. We didn’t give a number though.

Yeah. Michael Saloio – Sidoti & Company: Okay I thought I heard a number in Brazil.

No. Michael Saloio – Sidoti & Company: Okay, I guess this second, go ahead.

We don’t give specific backlogs numbers. I think what we are trying to do is imply the size of the backlog with significant both there in North America. Michael Saloio – Sidoti & Company: Okay, secondly, it’s very encouraging to see the turnaround in EMEA could you talk about what regions there, I know you mentioned this in the last call, but what regions are you really focusing on, and kind of where the growth is coming from in EMEA?

Sure, I would say that the, this would really be the Western European countries where we have a focus such as the France, the Brazil, Spain, UK. There would also be Middle East is important to us. We are establishing ourselves in Russia, is important and we talked about the steps we are taking there. And then places like Belgium are particularly important to us, so we’ve got a very focused effort relative to those areas. When you look at the African continent, you would say the most important area within Africa for us is South Africa, I mean the rest isn’t quite the focus we have as we do in South Africa. So again our focus is reemphasize in these areas, resources moving towards these countries what we think we’ve got both some scales, some competency capability and the ability to grow our business there along with taking the, being the disciplined approach of taking cost out across the rest of the region. Michael Saloio – Sidoti & Company: Okay, that’s all I have.

Thank you.

And at this time there are no other questions in queue. I will turn it back to our presenters for any closing remarks.

Thanks Tim.

Thank you everyone for joining us this morning and it’s always any follow-up questions should be directed to myself or Chris Bast. Thank you again.