Hello, this is Laura Brown, Vice President of Investor Relations along with William Chapman, Director of Investor Relations. We are pleased to provide additional perspective on Grainger’s results for the quarter ended June 30, 2009 via this audio web cast. You should also reference our earnings release issued July 15th, along with other information available on our Investor Relations website. Before we go any further, please remember that certain statements and projections of future results made in this press release and in this web cast constitute forward-looking information. These statements are based on current market conditions and competitive and regulatory expectations and involve risk and uncertainty. Please see our Form 10-K for a discussion of factors that relate to forward-looking statements. The second quarter showed the relative strength of Grainger’s business model and continued execution of our strategy. In spite of weak economic conditions, sales were down 13% and earnings per share down 15%. Our sales performance in this economy indicates that we are picking up market share relative to competitors. Operating cash flow of $190 million in the quarter is further evidence of strong execution and effective working capital management. Let’s begin by reviewing total company results, then move into a discussion of performance by segment. For the 2009 second quarter, company sales were $1.5 billion. Operating earnings were down 17% and net earnings declined 18%. Earnings per share were $1.21 and that compares to $1.42 in the 2008 second quarter. As a reminder beginning with 2009, we adopted an accounting change related to stock-based compensation. This adoption led to a change in the calculation of earnings per share. As a result, earnings per share for the 2008 second quarter were originally reported $0.01 higher or $1.43. The revised calculation also resulted in a $0.01 reduction in the 2009…

Thanks Laura. Let’s move on to a quick review of our product expansion initiative. Sales from products added to our offering accounted for $231 million in sales during the quarter. This compares to a $169 million contribution in the 2008 second quarter. As a reminder we have tripled the number of SKU’s in the Grainger catalog since 2005. This has helped us pick up share by allowing us to say yes more often to customers. It also enables customers to save money by consolidating their MRO spend with Grainger. Let’s now take a closer look at operating performance. Operating earnings for the company decreased by 17% versus the 2008 second quarter. This decline was primarily the result of the 13% sales decrease coupled with operating expenses, which declined at a lower rate than sales. This was partially offset by an increase in gross profit margins. Operating earnings for both segments and the Other Businesses were down year-over-year. Let’s now take a look at operating performance by segment. Operating earnings in the United States decreased by 16% versus the 2008 second quarter. Operating margins declined by 60 basis points to 13%. This performance was primarily the result of the 12% sales decline and operating expenses, which declined at a slower rate than sales, down 7% for the quarter. Partially offsetting this decline in operating earnings was a robust 100 basis point increase in gross profit margins due primarily to price. Gross margins would have been another 50 basis points higher, but were reduced by the free freight promotion. We have decided to end the freight promotion because we did not see a sufficient lift in sales. However, we expect to hire additional customer facing employees in the back half of the year to selectively invest for growth, particularly as we come…