On Wednesday, Amphenol Corp (NYSE:APH) reported its third quarter earnings and discussed the following topics in its earnings conference call. Take a look.
Jim Suva – Citigroup: I have one question for Adam and one question for Diana. Adam your success in mobile devices can you help us understand is it mostly tablets or cell phones that you are seeing a success because there is a lot of mixed things of what’s going on in the industry. We’ve got some big program builds. We are just trying to figure out if it’s mostly tablets or cell phones? Then Diana you made some comments at the beginning of your prepared remarks about the lower demand in specialty cable and international markets. Is that more of an economic macro factor or is there something structural going on like wireless is picking up faster than coaxial cable or how should we think about your comment?
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R. Adam Norwitt – President and CEO: With respect to your first question on mobile devices, we have mentioned I think this the second quarter running that we see tremendous opportunity in what we call mobile computing platforms and when I talk about mobile computing devices that obviously includes tablets and ultrabooks and all those relates devices. I mean, in many ways defining these devices becomes increasingly difficult. Each one that comes out seems to have features that come from other parts of them, they become almost like a hybrid device and those are really the devices where we have seen the growth. We continue to have a strong participation in the smartphone world, but that is not where the growth is being driven from because we have seen in smartphones and then there has been a trend towards more reliance on software as opposed to hardware. Our goal in the mobile device market is to create high technology, interconnect, antenna, mechanism solutions that have value to the end user, and thereby have value to our customers who’re thereby willing to pay us a certain price for them, and we can then make the returns that we like to make. So, as we’ve seen the real proliferation of a wide variety of these new platforms, we’re very fortunate that we have in Amphenol a team that is so responsive to the needs of that market that they’re able to capitalize on the growth wherever that may come, and that includes getting a broad position on a variety of different products that are being released and are now starting to ramp up.
Diana G. Reardon – EVP and CFO: Sure. I think that Jim we have some mix of product in our cable business as you know that preponderance of the products does go into the broadband market. In some of the international markets, we also offer products that go more broadly and are used. I would say more in the communications and infrastructure build outs in places like South America and those kind of markets. I think there will be some this quarter versus the demand we experienced last year’s quarter end and last quarter was just a lower consumption of those types of products. These are the types of items we refer to and we use the specialty we’re this is to distinguish between the broadband products, which make up the bigger part of the segment.
R. Adam Norwitt – President and CEO: You know and we have talked about in the past that we have over many years been driving to diversify the technology portfolio of products that we have in our cable business and that is something where we have been very successful. I think as Diana mentioned in her remarks, in this quarter certainly there was some impact from some of that product mix in the short-term, but we still feel very optimistic about all those efforts going forward. We continue to create excellent new products and when you combine that with now the Holland acquisition in the true broadband market, which not only gives us a broader range of complementary products, but also allows us to expand what had been a more narrow range of traditional cable operator customers. We feel very, very good about that market going forward and we think this acquisition is going to create a great platform for us.
Amit Daryanani – RBC Capital Markets: I have a question and a follow-up as well. May be to startup on the inventory, it was up 5%, could you just maybe talk about how much of that was due to acquisitions versus some of the other factors, and I’m sort of looking at the organic guide of revenues if you may being down 1.5% versus inventory up 5%. Trying to gauge, if ex-acquisition is just somewhat of conservative and built into the guide or did you actually have a slow finish to the September quarter?
Diana G. Reardon – EVP and CFO: Sure, just starting off with the inventory question, the increase in inventory without the acquisition impact probably would have been more comparable to the sequential sales change Amit. If you look at the turnover which we compute without the acquisition impact inventory days remained about the same level. I would also just add that the mobile device market which as you know had a large sequential growth in the third quarter and will have some further sequential growth in the fourth quarter tends to run fairly low from an inventory days perspective, so they do have to build inventory as they see those higher sales levels and I think those are the two things that have contributed to the inventory number in terms of the absolute amount you see on the balance sheet. From a guidance perspective in terms of the sequential change, between Q3 and Q4, we’re guiding to slight increase in sales and from a U.S. dollar perspective at the high-end is probably about 1% down from an organic perspective which I think is the change that you asked about. I think that Adam went through the individual markets, it’s a relatively small change in guidance versus what was implied at the guidance we gave when we released earnings for the third quarter and that change primarily is due to I think some softer demand in the communications equipments market primarily in the IT, data com market. But we feel that this is very strong guidance particularly in kind of the mix demand environment that we see here in Q4. So we feel that it’s appropriate guidance and it’s based on the same process that we go through internally with all of our units each quarter.
Amit Daryanani – RBC Capital Markets: Maybe really just ask Adam a question, the M&A environment at least in our view you have been able to do this has been extremely good year for you guys. If you can maybe just step back and talk about, what do you think was the driver for our better M&A, at least so far 2012. And do you think that’s something that can sustain in the future especially in the U.S. if the risk of the taxes and capital gain taxes are going to go higher?
R. Adam Norwitt – President and CEO: It has been a great year for us. I mean we have completed so far this year four acquisition. They’ve been in a wide variety of markets, they’ve bolstered our broadband market, commercial air, automotive, industrial markets, so these have been just outstanding acquisitions and we’re very proud of that track record this year, as well as the long-term track record. The thing is to say that it’s been a great year is very true. We have always said that we have never been able to predict how many deals are going to close, when they are going to close, what the timing of that is going to be and I continue to say the same thing. Yes, there are in the U.S. certain tax considerations, but that has not been the real driver for why we’ve been able to be successful this year. We have an outstanding organization around the world, really planting seeds of relationships and incubating these acquisitions over a very long time period. Just so happens that yes, we have four of them this year. We still have a very strong pipeline of acquisitions regardless of what pages of the calendar turn and then regardless of what the tax laws are going to change and we still feel optimistic and hopeful that we’ll continue to have strong contribution from our acquisitions going forward. Acquisitions, we always have had that goal that they would represent roughly a third of our growth in any given year, obviously some years it is more, some years it is less, this year they had to have a good contribution and we believe that the track record for acquisitions that we have created over more than a decade has really allowed us to go to companies with a very consistent and incredible story that they can join Amphenol together with their organizations and they will be able to flourish within Amphenol but not to disappear and not to be kind of absorbed into the sort of global entity, but rather to take the best of what they have and to create new platforms for growth with them. That is an extremely compelling story, when you’re talking to entrepreneurs in any geography, in any tax regime, with any president in office that is a compelling story. So, we believe that going forward that will continue to be compelling and we will continue to have a good acquisition pipeline.
Amit Daryanani – RBC Capital Markets: Congratulations on some good execution despite the challenging macro.