(INTRODUCTION FOR CONFERENCE CALL)

Before we begin, we call your attention to the fact that we may make forward-looking statements during the course of this conference call. These forward-looking statements are not guarantees of our future performance and are subject to risks, uncertainties and other factors that could cause actual performance to differ materially from such statements. A description of these risks, uncertainties and other factors is contained in our news release of today’s date, our Form 10Q for the quarter ended March 31, 2004, and in certain of our other public filings with the SEC.

Good morning. Thanks for joining us today. This morning we’re reporting results for the third quarter of fiscal ’04. We’ll discuss our guidance for the balance of fiscal ’04 and we’ll also describe our initial outlook for fiscal ’05.

Before I dive into the standard report, and all the facts and figures that describe the Company’s performance, let me take a minute to observe that the last quarter was a very eventful 90-day period. Some very long-term marketing campaigns came to fruition and we completed negotiations on contracts that will influence our results for years to come. The most dramatic of these events, of course, was our selection by Boeing Commercial to provide the primary flight control actuation system for the new 7E7. For the last two years, all the major players in our business have been supporting Boeing through the specification development phase. Our team began working on the proposal months before the request for quote actually arrived. The proposal effort, itself, was extraordinary. We provided Boeing with 3,600 pages that weighed 750 lbs. It was an outstanding effort. As I said in the press release announcing the award, “for a company in our business, there is no more attractive commercial aircraft platform than this new Boeing airplane.” At the same time that we were tidying up the agreement for work on the new airplane, we also completed negotiations on a 4-year extension to our contract with Boeing for the existing 7 Series aircraft. We now have contract coverage through 2012.

While our Aircraft team was working on the most important of the new commercial airplane platforms, our folks in the Space & Missiles segment were conducting a similar campaign to get positioned on the Joint Common Missile, the most important tactical missile program of this decade. This is a joint Army-Navy missile intended to replace both Hellfire and Maverick. After a 48-month design, development and risk-reduction phase, the program is expected to begin production of a quantity of about 50,000 missiles over 15 or 20 years. We were selected as the fin control supplier by both Lockheed and Raytheon, two of the three prime-level competitors. Fortunately, in this three-horse race, one of the horses we were riding, Lockheed, came in and we will begin work shortly on the development of the production version of the fin controls for the Joint Common Missile.

Flight training simulators are an important product line for our Industrial segment and we are experiencing a remarkable revival in this market. We mentioned last quarter that the Army’s initiative to upgrade their flight training facilities was partially responsible for $12 million worth of orders through the second quarter for simulators to be delivered to Flight Safety and a company called NLX. This activity in order input continued through the third quarter and the total is now $19 million, a $7 million increase this quarter.

In the Components Group, the big news is a fresh contract with Respironics for an integrated electric motor and blower assembly that will be used on the next generation of their sleep apnea equipment. All in all, it was an extraordinary 90 days in firming up the longer-term prospects for our Company. Now, back to the third quarter.

Sales for the quarter were $239 million, up 24% from a year ago. Sales in the quarter included $33 million from the new Moog Components Group. This is the Litton Poly-Scientific acquisition that we made at the beginning of this fiscal year. Without the acquisition, sales would have been up by about 7%. Earnings of $14.8 million were up 37% from $10.8 million a year ago. Since last year, we sold two million shares of stock, covering about half of the acquisition costs, and we also completed a three-for-two stock split. As a result, we now have more shares outstanding than we did a year ago and, on an earnings-per-share basis, this quarter’s result, 56 cents per share, is up 22% from a year ago.

Our net earnings for the quarter, $14.8 million, were 6.2% of sales, up from 5.6% the same quarter a year ago. This improvement in net earnings came about in spite of slightly higher cost of sales on a percentage basis. But, also on a percentage basis, our R&D expenditures are down, as was SG&A and interest. In part, this shift reflects the influence on our cost structure of our most recent acquisition. Poly-Sci had slightly higher costs of sales, slightly less SG&A and R&D. It also reflects the fact that the 7E7 and Joint Common Missile proposals were still underway. Much of the technical effort on those programs showed up as a shift out of R&D expense into selling expense as the R&D engineers devoted their effort to bid and proposal. We expect, as we begin the work on the 7E7, that we’ll see the reverse of this shift and our R&D expense as a percent of sales will increase.

All in all, we regard the results achieved in the third quarter as a very strong performance. It bolsters our confidence in the guidance that we provided 90 days ago, a year-end result of $2.17 a share, or an 18% year-over-year increase.

Now, to the segments.