Sales for the quarter were $1.7 billion, a decrease of 12 percent compared with 2011. Currency lowered sales by $120 million. Softening North America demand across the company's significant commercial vehicle customers and continued weakness in South America further impacted year to year sales comparisons by approximately $95 million. The company recorded third quarter net income of $56 million. This compares with $110 million for the same period in 2011, which included a $60 million gain from the sale of certain equity affiliate investments. Year to date net income was $212 million, compared with $148 million for the same period last year. Net income for 2011 also included a $53 million charge for the extinguishment of debt related to refinancing activities completed early that year. The company reported adjusted EBITDA of $190 million in the quarter, or 11 percent of sales, compared with 10.2 percent for the same period in 2011. Diluted adjusted earnings per share (EPS) were $0.37, compared with $0.45 in the third quarter of 2011. In addition to lower earnings in the current quarter, 2012 EPS was also impacted by higher tax expense reflecting jurisdictional mix. Free cash flow for the quarter was $88 million, compared with $50 million for the same period last year. With liquidity of $1.4 billion and net cash of $68 million at Sept. 30, 2012, Dana continues to have a strong financial position. "We are pleased to report solid financial results for the third quarter, despite choppy demand patterns and rapid softening in certain of our end markets, notably North America Class 8 commercial vehicle production," said Roger J. Wood, Dana president and chief executive officer. "Dana has continued to respond quickly to changing market conditions with disciplined cost and investment actions, generating positive cash flow and improving adjusted EBITDA margin over this time last year. Sales for the first nine months of the year were $5.6 billion, $34 million lower than 2011. Adjusted EBITDA for the first three quarters was $627 million, or 11.1 percent of sales, representing a 90 basis point improvement over margin performance a year ago. pension plans contribution in the first quarter, $99 million higher than 2011. Retained manufacturing activities from the 2010 sale of Dana's Structural Products business completed final operations in the third quarter of 2012. Accordingly, for financial reporting purposes, the results of operations relating to the Structural Products business have been reclassified within previously reported consolidated results of operations as a discontinued operation. Adjusted EBITDA and associated margin as a percent of sales are inclusive of sales and adjusted EBITDA of the Structural Products business. New Technologies IntroducedDuring the third quarter, Dana introduced several new technologies, including: Spicer Model 300 axles featuring AdvanTEK gearing. This axle is the largest yet in the series of axles for Class 1 through 5 vehicles and extends the premium benefits of these axles for use in the light commercial vehicle market, including heavy duty pickups. Tire pressure management technology for line haul tractors. This is the first internal axle system of its kind to automatically maintain optimum inflation for drive and steer axles, significantly increasing vehicle fuel efficiency and tire life, while reducing maintenance. Dana will be the first in the market to offer fully integrated, electronically controlled systems specifically engineered for the more complex demands of tractor units. Efficient, robust Spicer Diamond Series driveshaft technology optimized for use on light commercial vehicles such as pick up trucks. Using Dana's proprietary hydroforming manufacturing process, the driveshaft is shaped to have an expanded center. This allows it to run at higher speeds while offering increased strength and up to a 5 percent reduction in weight over straight aluminum tube driveshaft designs. The Spicer Diamond Series driveshaft was recognized earlier this month as a finalist for the 2013 Automotive News PACE Awards. Dana revised its guidance for full year sales, adjusted EDITDA, and diluted adjusted EPS largely reflecting further expected reductions in commercial vehicle production in North America as well as softening construction demand in Europe. Adjusted EBITDA as a percent of sales remains unchanged, while free cash flow andcapital spending targets have also been revised. Current guidance for the full year is as follows: Sales are projected at $7.2 billion to $7.3 billion, compared with previous guidance of $7.5 billion to $7.6 billion; Adjusted EBITDA is projected to be $780 million to $800 million, compared with previous guidance of $820 million to $840 million; Adjusted EBITDA as a percent of sales is forecast to be approximately 11 percent, consistent with previous guidance; Diluted adjusted EPS is expected to total $1.75 to $1.82 per share, compared with previous guidance of total $1.94 to $2.01 per share; Free cash flow for the year is projected at $240 million to $260 million, excluding the special one time $150 million pension contribution; and Capital spending is expected to total $160 million to $170 million, compared with previous guidance of $210 million to $230 million. EDT today. Participants may listen to the conference call via audio streaming online or telephone. United States and Canadian locations should dial 888 311 4590 and international locations should call 706 758 0054, and enter conference number 38787858. or Canada) or 404 537 3406 (international) and enter conference number 38787858. The most significant impact on Dana's ongoing results of operations as a result of applying fresh start accounting following our emergence from bankruptcy was higher depreciation and amortization. By using adjusted EBITDA, a performance measure that excludes depreciation and amortization, the comparability of results is enhanced. Management also believes that adjusted EBITDA is an important measure since the financial covenants in our debt agreements are based, in part, on adjusted EBITDA. Adjusted EBITDA should not be considered a substitute for income (loss) before income taxes, net income (loss) or other results reported in accordance with GAAP. Adjusted EBITDA may not be comparable to similarly titled measures reported by other companies. Diluted adjusted EPS is a non GAAP financial measure that we have defined as adjusted net income divided by adjusted diluted shares. We define adjusted net income as net income (loss) attributable to the parent company, excluding restructuring expense, amortization expense and nonrecurring items (as used in adjusted EBITDA), net of any associated income tax effects. We define adjusted diluted shares as diluted shares as determined in accordance with GAAP based on adjusted net income. This measure is considered useful for purposes of providing investors, analysts, and other interested parties with an indicator of ongoing financial performance that provides enhanced comparability to EPS reported by other companies. Diluted adjusted EPS is neither intended to represent nor be an alternative measure to diluted EPS reported under GAAP. Free cash flow is a non GAAP financial measure that we have defined as cash provided by (used in) operating activities, excluding any bankruptcy claim related payments, less purchases of property, plant, and equipment. We believe this measure is useful to investors in evaluating the operational cash flow of the company inclusive of the spending required to maintain the operations. Free cash flow is neither intended to represent nor be an alternative to the measure of net cash provided by (used in) operating activities reported under GAAP. Free cash flow may not be comparable to similarly titled measures reported by other companies. 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As golf become more and more a platform on which professionals intermingle and negotiate the quality of one's dress can often be regarded the expression of an individual's success. Each player's Addresses are treated as sacred. That means all players stay away and stay put. Nothing can be more exasperating when somebody acts like a buffoon: standing in front and observing somebody swing; standing behind and take the risk of getting whacked by a Seven Iron or even standing near enough to be in somebody else's corner of the eye. Another man's presence is the ultimate distraction for players getting ready on Address. What you should do is stand way back about 5 yards and make no noise. Utterly silent that he'll forget you were there. Trust me, he won't though. Golf Lesson 3: Do your share and shout "Fore!" Be responsible of your shots. Suffice to say: take care of your ball. Do watch the entire flight of the ball and take note where it landed. 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