Here's John.

Thanks Bob. Good Morning.

I will cover the following areas in my remarks. First, I will speak to cash flow in the first quarter. Then I will provide an updated cash flow forecast for all of fiscal '08. I will follow this with some remarks about our tax rate and finish with some additional items of interest from the balance sheet.

Q1 Cash Flow.

In the first quarter net debt increased by $43 million. $12 million of this increase is related to the acquisition of Prizm. Free cash flow was negative $29 million.

Cash flow from operations was negative $4 million. This compares with a positive cash flow from operations of $23 million in the first quarter of fiscal '07. The swing from 12 months ago is driven by an increase in receivables and a reduction in customer advances. Receivables growth was a result of the 25% growth in sales year on year, our on-going work on the 787 and payment terms on certain Business Jet programs.

Capital expenditures in the first quarter totaled $25 million compared with Depreciation and Amortization of $15 million. We continue to invest in facilities and test equipment related to our current and projected growth.

Interest payments in the quarter totaled $7 million and our tax payments were $8 million.

Fiscal '08 Cash Flow Forecast

In our last conference call we forecast cash flow from operations for fiscal '08 of $120 million. We are now projecting $90 million. The reduction is mostly a result of the growth in working capital associated with the additional sales we are forecasting. We had projected Capital Expenditure of $70 million for the year. We are now increasing this to $85 million. The robust growth in our core businesses, combined with the projected production rates on the 787, A350 and in our Business Jet product line, continues to require investments in capacity expansion. Depreciation and amortization for the year will be approximately $63 million.