On Friday, Cytec Industries (NYSE:CYT) reported its third quarter earnings and discussed the following topics in its earnings conference call. Take a look.
David Begleiter – Deutsche Bank: Shane, just on the share buybacks, given where your stock price is, why wouldn’t you do some form of accelerated repurchase with the proceeds of the divestiture?
Shane D. Fleming – Chairman, President and CEO: I am sorry, Dave, why would we not or why would we?
David Begleiter – Deutsche Bank: Why would you not do something in a much more expedited fashion on the buyback front?
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Shane D. Fleming – Chairman, President and CEO: Well I think our plans are to be relatively aggressive through yearend. I think the limiting factor for us right now is just actually receiving the proceeds from the Coating Resins sales. So as Dave said in his comments, we intend to start some buyback activity immediately. That could be more open market purchases or some sort of an accelerated program, we’ll look at what makes the most sense based on our view of future share price and where we’re trading. So I guess my short answer to your question is, yes we would consider doing that.
David Begleiter – Deutsche Bank: Okay, and secondly on Umeco, any disruption from the acquisition do you think that impacted the results either for this quarter or for next quarter, have you lost people, lost business?
Shane D. Fleming – Chairman, President and CEO: On the lost people side, no. I mean you get a little bit of turnover beyond expectation, but I think it was relatively modest and I don’t think that was significant impact on the business. It’s hard to really say if this had an impact on business, did a customer here or there switched or delay an order or did we miss an opportunity because of the integration activity. It’s possible. I don’t think it’s a major driver though. I think the biggest difference between the quarter results and what we expected was related to the slowdown, particularly in Europe and just the orders being pushed forward a little bit. But as I said in my comments, I think this is a temporary situation and we do expect to see the business pick back up again next year from a revenue standpoint and we also expect to deliver that $0.65 earnings target that we set out earlier.
David Begleiter – Deutsche Bank: And lastly in your own core composites business, how confident are you that the supply chain issues will be done by yearend and not flow into Q1 next year?
Shane D. Fleming – Chairman, President and CEO: I would say pretty confident. I think the only reason we’re seeing carryover into Q4 is just because we’re at the end of the year and customers tend to try and manage our inventory levels at year-end. I think it’s going to be relatively modest. You can see from our sales guidance that we’re not expecting a significant fall off in Q4, but again we would expect this to be wrapped up by year-end and start next year off with strong sales in January.
Laurence Alexander – Jefferies: I guess two questions, first on Engineered Materials, can you give us a sense for how you’re thinking about the shape of the cycle. A few years ago, there was sort of, it seemed if there was a new window to actually have sort of a super cycle with 10% plus top-line growth in middle of the decade. Do you think anything like that is still feasible in 2013-2014 or do you think that’s getting pushback?
Shane D. Fleming – Chairman, President and CEO: You want to me respond to that that and come back with the second question?
Laurence Alexander – Jefferies: I was just going to tie in like the more broadly could you then tie that into at least an early glimpse on how you’re thinking about momentum into 2013 and what you know you have versus what was still up in the air?
Shane D. Fleming – Chairman, President and CEO: Let me first respond to the macro question. I would say that we’re still confident in the cycle over the next several years. So in the short to medium term, I think everything still points to continued growth, our ramp up rates on new programs will continue and I think announced build rate increases on the legacy programs will continue. I think the super cycle question as you get out beyond that would potentially be impacted by continued uncertainty in the global economic environment, so I think we’ve got a couple years that are pretty solid. When you start talking about looking out into ’15, ’16, ’17 and beyond, if the world does go into a crazy meltdown and we see a significant slowdown in global GDP, ultimately that’s going to hit our revenue passenger miles and freight and we’ll have an impact, but short of that, I would expect the growth to continue even beyond ’13 and ’14 at a fairly high rate, so still pretty bullish on the macro market, but the economic uncertainty today is putting a little bit of pressure on that. In terms of Cytec’s view, our position is that we are poised right now with our share on existing legacy programs and new programs that are ramping up to be able to deliver double-digit revenue growth over the next couple of years and I think that’s how we look at this market through ’13 and ’14.