(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 26, 2005, 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 '05. We'll also discuss our guidance for the balance of fiscal '05 and our outlook for fiscal '06.

Before we get into that agenda, though, I'd like to describe for you two acquisitions. The first you already know about. On July 6th, we announced the signing of an agreement to acquire FCS Control Systems. FCS produces very high-fidelity electromechanical and electrohydraulic flight and vehicle simulation equipment, and also structural test systems supplied principally to the aerospace market. Those of you who follow our Company know that our industrial business generates over $300 million a year in revenue and, in that business, we focus our attention on a relatively small number of markets for very specialized equipment. One of those markets is simulation. We produce hydraulic and electric actuation for flight training and driver training simulators. We also build electric simulators and we produce control-loading actuators for some of the major producers of simulation systems. Our simulation business has grown dramatically in fiscal '05 from $12 million in sales to $16 million. Most of our simulator customers are based in North America. On a worldwide basis, we share this market with a couple other simulator manufacturers, and one of those is FCS Control Systems. FCS supplies simulators that are comparable to those that we produce but they supply primarily European customers. Also, they have a line of control loading actuation and actuation systems that is more complete than ours.

The other part of the FCS business is very specialized test equipment for the aerospace and automotive markets. Historically, our Company has been a supplier of components into this marketplace. But, in recent years, we have taken on some jobs that involve the design of highly specialized test equipment, particularly in the European marketplace.

So, in both of the major FCS product lines, we see the opportunity for collaboration, the combination of complementary products and combined efforts towards product and technology development.

FCS is headquartered in Amsterdam, Holland, but does have offices in both the U. S. and the U. K.

When we close in mid August, we'll pay 38 million Euros for FCS, principally using existing cash balances in Europe.

FCS had sales of $24 million in '04 and expects to do over $30 million in the current calendar year. In Moog's fiscal '06, as you'll hear in a few minutes, we are using a forecast of slightly over $36 million.

We are very excited about the opportunity to put together the technical and manufacturing resources of both companies and to provide a broader and better product offering to all the markets that we both serve.

The second acquisition is one that we're announcing today. Late yesterday, we closed a transaction to acquire the Power and Data Transmission Group of the Kaydon Corporation. To put this acquisition in context, let me describe a little history.