Jabil Circuit, Inc. (NYSE:JBL) recently reported its fourth quarter earnings and discussed the following topics in its earnings conference call.
Steven Fox – Cross Research: Just questions around some of the quantitative impact on your results from BlackBerry. So, the $0.28 to $0.34 is – seems like it’s a hit to core operating income. Can you talk about the exact drivers there, how much from sales versus how much excess overhead you still have from ongoing operations? Then secondly, can you talk about the charges, exactly what that will be tied to? How much related to fixed assets versus say, maybe headcount reduction?
Mark T. Mondello – CEO: Let me take the first question and let Forbes talk a little bit about the charges. So, to frame this out, when we said 90 days ago, we were having a good year with BlackBerry, and again, I will emphasize, BlackBerry has been a great customer. We typically don’t talk about specific customers, but again because of the impact to the Company, we felt it important. As we look forward in setting the FY ’14 models, we de-rated the BlackBerry numbers just based on the overall environment and where we felt would be a very conservative estimate. That obviously appeared to be not conservative enough with what’s taking place. So the core impact is a combination of loss of income as well as the infrastructure we have in place for BlackBerry. Again, we’ve been a customer or a supplier to them for six, seven years and we have a substantial amount of infrastructure in place. So, the infrastructure is a combination of depreciation. We are in discussions right now on how we are going to wind down the relationship. Depending on the timing of that, we’ll end up with individual or employee resources to deal with, some of that will be captive or captured in the charges and then we have depreciation that we won’t be able to redeploy immediately. Most of the assets for BlackBerry are fungible, so we will be able to move them around, but that will take a little bit of time. And then we just have an overhead structure for a relationship of this magnitude and it will take us time to figure out how to redeploy that and/or get rid of some of those resources. So, again the bar we showed on Slide 13 I believe that’s reasonable to slightly conservative look. If you can imagine, we’ve acted on this in the last few days and we felt it was important to communicate to the Investor Community where our thoughts were at. With that I’ll turn it over to Forbes and he can talk a little bit about charges.
Forbes I. J. Alexander – CFO: The range of charge is $35 million to $85 million. As Mark said, we were active in the last few days, (so the leased) activity with BlackBerry, that’s quite a broad range. At the center point of that range, kind of, expectation that would be primarily costs associated with reductions in force. As you can imagine very large scale relationship throughout the same customer last year and that takes many thousands of people to support relations for that size. So, certainly the midpoint – the majority of those costs are associated with reductions in force, and as Mark said, it’s early right now, but I believe I’ve been relatively conservative in the range that we’ve given there, in terms of those charges. As regards to timing of that, much will depend on our negotiations and discussions with the customer in the coming weeks and months.