FY 2010

Third Quarter Conference Call, Fiscal Year 2010

July 30, 2010

Before we begin, we call your attention to the fact that we may make forward-looking statements during the course of this conference call.  These forward-looking statements are not guarantees of our future performance and are subject to risks, uncertainties and other factors that could cause actual performance to differ materially from such statements.  A description of these risks, uncertainties and other factors is contained in our news release of July 30, 2010, our most recent Form 8K filed on July 30, 2010 and in certain of our other public filings with the SEC.

We've provided some financial schedules to help our listeners better follow along with the prepared comments.  For those of you who do not already have the document, a copy of today's financial presentation is available on our investor relations home page and webcast page at www.moog.com.  

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Forecast for Fiscal 2011

For fiscal 11 we are projecting free cash flow of $90 million, close to a 75% conversion ratio.  Capital expenditures will increase to $90 million, driven by the A350 program ramp.  This level of capital investment is in line with our historical average of about 4% of sales.  Depreciation and Amortization will be $95 million and we are anticipating an increase in our average tax rate to 31%.  Finally we estimate interest expense next year will be $39 million.    

Now let me pass you back to Bob to lead the Q&A discussion.  


(Q&A is not available)

 

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