Thomson StreetEvents

...Peter Pfeiffer AptarGroup - President, CEO Steve Hagge AptarGroup - COO Bob Kuhn AptarGroup - CFO Olivier de Pous AptarGroup - President Beauty & Home Eric Ruskoski AptarGroup - President Aptar Closures Olivier Fourment AptarGroup - President Aptar Pharma P R E S E N T A T I O N...

...Bryan McGrath Credit Suisse - Analyst Nabil Elsheshai Pacific Crest Securities - Analyst Keith Weiss Morgan Stanley - Analyst Jeff Keene William Blair - Analyst Greg McDowell JMP Securities - Analyst David Bayer Cantor Fitzgerald - Analyst Andrew Shaw Raymond James - Analyst Jeff Van Rhee Craig-Hallum - Analyst P R E S E N T A T I O N...

...Scott Deitz Owens Corning - VP - IR and Corporate Communication Mike Thaman Owens Corning - Chairman, CEO Chuck Dana Owens Corning - Group President - Composite Solutions Al Foster Owens Corning - Executive Editor - Market Vision for Composite Solutions Mark Neville Owens Corning - VP - Technical Fabrics Marcio Sandri Owens Corning - VP, Managing Director, Americas Karel Czanderna Owens Corning - Group President, Building Materials Tom Quigley Owens Corning - VP, GM Frank O'Brien-Bernini Owens Corning - VP, Chief Sustainability Officer Sheree Bargabos Owens Corning - President, Roofing and Asphalt Duncan Palmer Owens Corning - Chief Financial Officer Michael McMurray Owens Corning - Vice President, Finance and Treasurer C O N F E R E N C E C A L L P A R T I C I P A N T S...

... Ltd. - IR Simon Pedder Chelsea Therapeutics International, Ltd. - President and CEO Art Hewitt Chelsea Therapeutics International, Ltd. - VP, Drug Development C O N F E R E N C E C A L L P A R T I C I P A N T S...

...Joe Pantginis Merriman Curhan Ford - Analyst Ren Benjamin Rodman & Renshaw - Analyst Doug Miehm RBC Capital Markets - Analyst David Miller Biotech Stock Research - Analyst Marco Rodriguez Stonegate Securities - Analyst Philippa Flint Bloom Burton & Co. - Analyst P R E S E N T A T I O N...

...Francis Salway Land Securities - CEO Michael Pappagallo Kimco - CFO Gerhard Niesslein IVG - CEO Stephen Sterrett Simon Property Group - CFO Mitchell Hersh Mack-Cali - CEO C O N F E R E N C E C A L L P A R T I C I P A N T S...

...Mark Shapiro Barclays Capital - Managing Director and Head of the Global Restructuring and Finance Group C O N F E R E N C E C A L L P A R T I C I P A N T S...

...Bill Derrough Moelis & Company - Co-Head of Recapitalization & Restructuring Group Thane Carlston Moelis & Company - Co-Head of Recapitalization & Restructuring Group C O N F E R E N C E C A L L P A R T I C I P A N T S...

...John Lydecker MJ Whitman - Analyst Tom Nowak Advent Capital - Analyst Mihir Chandra One East Partners - Analyst James Hom Miller Tabak - Analyst P R E S E N T A T I O N...

...Gregg Gilbert BAS-ML - Analyst Josh Jennings Jefferies & Co. - Analyst Gary Nachman Leerink Swann - Analyst Ken Cacciatore Cowen & Co. - Analyst David Buck Buckingham Research - Analyst John Boris Citi Investment Research - Analyst Scott Hirsch Credit Suisse - Analyst OVERVIEW...

...Sean Farrell - Global Credit - Analyst All right. Good morning, everyone. I think we're ready to get started. My name is Sean Farrell. I'm an analyst on the Global Credit trading desk. I cover the high yield home builders, and wanted to introduce Allan Merrill and Leslie Kratcoski -- talk about the Beazer business. We've been actually pretty active in the bonds recently and -- oh, I guess over the last six or nine months. So, clearly -- happy to answer any questions from our perspective, on the research side, afterwards or any time throughout the day. So I'll turn it over to these guys, and feel free to catch up with me later. Allan Merrill - Beazer Homes USA Inc. - EVP and CFO Thank you, Sean. Good morning, everyone. I would be remiss if I didn't start by saying, Happy New Year. It's the first day of our fiscal ####. So we have high hopes that this year will be even better than last year. I have to start with the obligatory disclaimers. And, obviously, our slides are on our website, so...

...Operator Good morning. My name is Krista and I will be your conference facilitator today. Before we begin, I would like to add that all lines have been placed on mute to prevent any background noise during this call. At this time, I would like to welcome everyone to the Fortune Industries fourth-quarter #### earnings conference call. Conducting today's call will be John Fisbeck, CEO of Fortune Industries, Inc. After John's remarks, there will be a question-and-answer period. (Operator Instructions) As a reminder, ladies and gentlemen, this conference is being recorded today, Friday, October #, ####. Thank you. I would like now to turn the call over to Carrie Hill. Ms. Hill, you may begin. Carrie Hill - Fortune Industries, Inc. - General Counsel Good morning, ladies and gentlemen, and thank you for joining us today. Before we review our fourth-quarter and year-end #### results, I would like to remind you that Fortune Industries fully complies with the regulations of fair disclosure guidelines....

...Megan Davies Thomson Reuters - Media Ed Tobin Thomson Reuters - Media Jennifer Wan Thomson Reuters - Media Mike Erman Thomson Reuters - Media Bobbie Rebell Thomson Reuters - Media Walden Su Thomson Reuters - Media Steve James Thomson Reuters - Media Marcy Weybel Thomson Reuters - Media Chelsea Emery Thomson Reuters - Media Karen Langheumer Thomson Reuters - Media Nicole Volpe Thomson Reuters - Media Emily Chase Thomson Reuters - Media Thomson Reuters Media P R E S E N T A T I O N...

...Brian Kristjansen Genuity Capital Markets - Analyst Peter Doig GMP Securities - Analyst Brian Kohlhammer P R E S E N T A T I O N...

...Bill Quirk Piper Jaffray - Analyst Matt Atoriani Robert W. Baird - Analyst Joshua Zable Natixis Bleichroeder - Analyst Stephen Simpson Northland Securities - Analyst Anthony Petrone Maxim Group - Analyst Daniel Owczarski Avondale Partners - Analyst James Sidoti Sidoti & Co. - Analyst OVERVIEW...

...Unidentified Participant We're ready to start our afternoon session. The sad part is we've got out last electric-related companies for the day, but we've got two very good ones. I know you're going to enjoy the next ## minutes or so. From CMS Energy Corporation, we have Dave Joos, President and CEO, and from NiSource we also have their President and CEO, Bob Skaggs. They're going to do their prepared remarks, then we'll open up for Q&A and discussion, and we look forward to their presentations. Thank you. Dave Joos - CMS Energy Corporation - President, CEO Thank you. Thank you for having me. I think I've got this figured out. Is that next? There we go. I'll skip over the normal statement. I think you know what it says, and I don't intend to get into much in the way of new material. In fact, all these slides virtually are from our last quarterly call. I know many of you are familiar with the Company, but we like to use a fairly simple display to talk about our strategy. We use this internally...

...Gregg Gilbert BAS-ML - Analyst Josh Jennings Jefferies & Co. - Analyst Gary Nachman Leerink Swann - Analyst Ken Cacciatore Cowen & Co. - Analyst David Buck Buckingham Research - Analyst John Boris Citi Investment Research - Analyst Scott Hirsch Credit Suisse - Analyst P R E S E N T A T I O N...

...Unidentified Speaker As markets heal, Credit Suisse seems well positioned to translate its market share gains into real benefit for shareholders. I look forward to hearing Mr. Dougan's vision for how Credit Suisse competes in the new normal. Without any further delay, I'll turn the podium over to Mr. Dougan. Brady Dougan - Credit Suisse - CEO Well, many thanks to Merrill Lynch for the invitation to address this conference and I'm very pleased to be able to speak to you once again. A year ago, obviously we were dealing with the challenges in an extraordinary period of turbulence and it was hard tokeepperspectiveastheeventsunfoldedaroundus,butwewereconvincedthenandremainconvincednowthatthestrength of the Credit Suisse business model would shine through if we kept our focus. Today in a changed financial services landscape we can see the benefits of that clear focus and the acceleration of the implementation of our strategy. Our client focused, capital efficient strategy and business model...

...Bill Quirk Piper Jaffray - Analyst Matt Atoriani Robert W. Baird - Analyst Joshua Zable Natixis Bleichroeder - Analyst Stephen Simpson Northland Securities - Analyst Anthony Petrone Maxim Group - Analyst Daniel Owczarski Avondale Partners - Analyst James Sidoti Sidoti & Co. - Analyst P R E S E N T A T I O N...

...Arun Rambocus Kempen - Analyst Raoul Hausmann ING - Analyst Frank Claassen RaboBank - Analyst Sven Weier UBS - Analyst Niels De Zwart Fortis Bank Netherlands - Analyst Peter Olofsen Kepler Capital Markets - Analyst P R E S E N T A T I O N...

...Roger Cregg - Pulte Homes Inc. - EVP, CFO First, before I start, I just want to point out the forward-looking statements under the Securities Act of ####. Just bring that to your attention, during the presentation today, I'm going to talk a little bit about the Company profile, the current industry conditions, Pulte's short term and long-term focus, as well as an update on the integration with Centex, which we closed on the transaction on August ##, and then some of the long-term drivers that remain supportive of the housing industry overall. First, a little bit about Pulte. Pulte is one of the largest home builders in the United States today. We cross ## states across the US today. In our ##-year history, have delivered well over ###,### homes. Basically, looking at the strategic combinations with Centex, Del Webb and DiVosta, over the years, since ####. We've been consistently recognized as the top-ranked builder in the third-party customer satisfaction studies, and we've earned more...

...Richard Clark Accenture - Managing Director, IR Bill Green Accenture - Chairman, CEO Pam Craig Accenture - CFO CONFERENCE CALL PARTICIPANTS...

...Kate Duchene Resources Global Professionals - EVP, Chief Legal Officer Tony Cherbak Resources Global Professionals - President, COO Nate Franke Resources Global Professionals - EVP, CFO Don Murray Resources Global Professionals - Chairman, CEO CONFERENCE CALL PARTICIPANTS...

...Ben Mogil - Thomas Weisel Partners - Analyst We're going to get started. So last session of the day. I am Ben Mogil, the media and entertainment analyst here at Thomas Weisel Partners. It is my pleasure this afternoon to have Rich Gelfond and Heather Anthony from IMAX. Rich is the CEO and really has been since ####. And Heather is the VP for Investor Relations. So the format for today's presentation is going to be -- call it ## to ## minutes or so of a slide show, and then we will try to apply ## minutes at least to Q&A to sort of follow up. So Rich, without further ado, the stage is yours. Rich Gelfond - IMAX Corporation - CEO IMAX has entered a new era in the last year or so. And the changes at IMAX were driven principally by two developments. One is, our previous model was we sold our equipment to third parties under a long-term leasing arrangement where the exhibitor put up about $#.# million and we got a small ongoing royalty. Under the change in business model, which is pretty much...

...Kartik Mehta Northcoast - Analyst Tom McCrohan Janney Montgomery Scott - Analyst Dan Perlin RBC Capital Markets - Analyst Dave Koning Robert W. Baird - Analyst Greg Smith Duncan-Williams - Analyst Bob Napoli Piper Jaffray - Analyst Darrin Peller Barclays Capital - Analyst Julio Quinteros Goldman Sachs - Analyst Larry Berlin First Analysis - Analyst Wayne Johnson Raymond James - Analyst Robert Dodd Morgan Keegan - Analyst Tien-tsin Huang JPMorgan - Analyst OVERVIEW...

...Jim Duffy - Thomas Weisel Partners - Analyst My name is Jim Duffy. I am the Sports and Lifestyle Analyst with Thomas Weisel Partners. We are pleased to be joined today by Garmin. With us from Garmin is Kevin Rauckman, Chief Financial Officer. Kevin, I would like to start -- I'm not sure it is appreciated by everyone in the room, the full breadth of the Garmin business, why don't you do a brief overview of the business, just to introduce to people? Kevin Rauckman - Garmin Ltd. - CFO Very good. It is a pleasure to be here everyone. And I'm happy to say that Jim is the only analyst that we have that covers -- that focuses on the fitness space and outdoor and fitness. I will actually start there, because we never get to talk about the other non-automotive segments. The outdoor fitness -- the outdoor fitness segment is an area that has been a growth business for us for a couple of years, and #### has not been an exception. The fitness market is continuing to grow as we have basically created...

...Kartik Mehta Northcoast - Analyst Tom McCrohan Janney Montgomery Scott - Analyst Dan Perlin RBC Capital Markets - Analyst Dave Koning Robert W. Baird - Analyst Greg Smith Duncan-Williams - Analyst Bob Napoli Piper Jaffray - Analyst Darrin Peller Barclays Capital - Analyst Julio Quinteros Goldman Sachs - Analyst Larry Berlin First Analysis - Analyst Wayne Johnson Raymond James - Analyst Robert Dodd Morgan Keegan - Analyst Tien-tsin Huang JPMorgan - Analyst P R E S E N T A T I O N...

...Kate Duchene Resources Global Professionals - EVP, Chief Legal Officer Tony Cherbak Resources Global Professionals - President, COO Nate Franke Resources Global Professionals - EVP, CFO Don Murray Resources Global Professionals - Chairman, CEO C O N F E R E N C E C A L L P A R T I C I P A N T S...

...Jim Duffy - Thomas Weisel Partners - Analyst My name is Jim Duffy and I'm the analyst following the sports and lifestyle space for Thomas Weisel Partners. We're pleased to be joined this afternoon by Columbia Sportswear Company. With us from Columbia Sportswear is Tom Cusick, Chief Financial Officer and (technical difficulty), Director of Investor Relations. To kick things off, why don't we start with a high-level overview of the business just to give some backdrop. Tom Cusick - Columbia Sportswear - CFO Sure. So I'll start off -- we'll talk categories and then maybe a little bit about the regional breakdown. Columbia is made up of four brands -- the Columbia Sportswear brand, apparel, footwear, accessories and equipment; the Mountain Hardwear brand, which is high-altitude mountaineering apparel and equipment and accessories. Mountain Hardwear is roughly ### (technical difficulty) business for us. Then we've got our Sorel brand, which is a cold-weather footwear brand. Its iconic product...

...Jay Craig - ArvinMeritor, Inc. - CFO Okay. I guess we can get started. Nothing like being the last on the agenda. It's the end of a long day, so I was going to have them roll like the latte cart in and then espresso, trying to keep you guys awake. So, there's nothing more you'd like to hear about than the trucking industry at the end of the day, a real exciting industry. A couple of people I want to introduce to my left. I'm Jay Craig, the Chief Financial Officer of ArvinMeritor. I really appreciate your time, particularly at the end of the day. And to my immediate left is Kevin Nowlan, who's our Treasurer and seated next to him is Brett Penzkofer, who is our Senior Director in charge of Investor Relations. So, I thought I'd have them join me up here today and leave some time for questions just so they could answer your questions as well. Try and work this here. Unidentified Company Representative Space bar. Jay Craig - ArvinMeritor, Inc. - CFO Space bar. Thank you. Perfect, thanks. I was...

...Unidentified Participant Good morning and welcome to the Hertz presentation. We're very pleased to have Hertz with us speaking this year at the conference. With us from senior management today are Mark Frissora, Chairman and Chief Executive Officer; Elyse Douglas, Executive Vice President and Chief Financial Officer; and [Lesley Hunsinger], Vice President of Investor Relations. I now I will turn it over to Mark. Mark Frissora - Hertz Global Holdings Inc. - Chairman and CEO Okay, good morning, everyone, and thanks for coming this morning. So today we will talk a little bit about our strategies, give you some updated information, mostly obviously from second quarter, and try to provide a little bit of industry flavor for you. Forward-looking statements are noted here. Disclosure on financials in the presentation is also noted here. In terms of key investment considerations, we continue to be the premier global iconic brand. Hertz continues to maintain at least a two to one preferential treatment...

...Richard Clark Accenture - Managing Director, IR Bill Green Accenture - Chairman, CEO Pam Craig Accenture - CFO C O N F E R E N C E C A L L P A R T I C I P A N T S...

...Unidentified Participant We are now moving to Deutsche Bank. As you all know, Deutsche Bank has a very strong fixed income platform, and as such, I'm sure the bank has benefited from favorable conditions in Q#. Slightly less well understood is the self-help story within the German business. Despite these two positives, when we did our investor poll yesterday and we asked which investment bank was a favorite, Deutsche came out as the least preferred. Clearly investors worry about Deutsche's leverage, the risks on the balance sheet, and possibly even the cost line. All of that said, I'm very glad we have Mr. Stefan Krause, Deutsche Bank CFO, here today to remind us of Deutsche's growth opportunity and tell us why investors -- or its under-weight positioning is the wrong place to be. So with that, I'll turn over the podium. Stefan Krause - Deutsche Bank - CFO So thank you very much for the opportunity to talk about and hopefully dispel some of the concerns that exist, according to the introduction...

...Frank Golden Thomson Reuters - SVP, IR Tom Glocer Thomson Reuters - CEO Jim Smith Thomson Reuters - CEO, Professional Division Rick King Thomson Reuters - Head of Technology, Professional Division Andy Martens Thomson Reuters - SVP, New Product Development Devin Wenig Thomson Reuters - CEO, Markets Division Allan McNichol Thomson Reuters - Global Head, Desktop Platform Group - Sales & Trading Bob Daleo Thomson Reuters - EVP & CFO C O N F E R E N C E C A L L P A R T I C I P A N T S...

...Harsh Kumar Morgan Keegan - Analyst Brendan Furlong Miller Tabak - Analyst Vernon Essi Needham & Co - Analyst P R E S E N T A T I O N...

...Suzanne Craig Smart Modular Technologies, Inc. - IR, Blueshirt Group Iain MacKenzie SMART Modular Technologies, Inc. - President & CEO Barry Zwarenstein SMART Modular Technologies, Inc. - CFO C O N F E R E N C E C A L L P A R T I C I P A N T S...

...Thomson Reuters Journalist (audio begins in progress) for providing DIP finance, the financing that companies use to get through bankruptcy. Some of the bigger deals that they've done have been the roughly the $# billion financing of Delta Airlines, which hits to your traditional expertise -- Robert McMahon - GE Corporate Financial Services - Managing Director, Restructuring That's right. Thomson Reuters Journalist Providing in the area of airlines. Also financing [prospective] brands this year and, sorry, you mentioned one -- Robert McMahon - GE Corporate Financial Services - Managing Director, Restructuring Quebecor. Thomson Reuters Journalist Sorry. Anyway, I will let you go ahead and add anything else to that, if you want. Otherwise, we could just get started with -- Robert McMahon - GE Corporate Financial Services - Managing Director, Restructuring I think you pretty well covered it. I'm happy to sort of jump in, and fire away. Thomson Reuters Journalist Okay. One of the things, obviously,...

...John Cardier John T. Cardier & Company - Analyst Mark Niami AMS - Analyst John O'Neill Red Hill Capital - Analyst P R E S E N T A T I O N...

...Unidentified Participant (Audio in progress) -- following the footwear and apparel space for Thomas Weisel Partners. We are joined today by Brown Shoe Company. With us from Brown Shoe Ron Fromm, Chairman and CEO; Mark Hood, Chief Financial Officer, and in the front row here, Ken Golden, Director of Investor Relations. These fellows are going to kick it off with a brief presentation, and then we will get into some Q&A later in the session. Ron Fromm - Brown Shoe Company, Inc. - Chairman & CEO Thanks, Jim. Really appreciate it. Maybe before I begin, I should do the little standard Safe Harbor. I think most of you know we announced earnings a couple of weeks ago, and we are really not updating anything today. As you always know, we will use color and language to describe both forward and past activities as we start to think about that. You know, before I begin, maybe just a little bit of flavor, to give some of the highlights from the call as you sort of remember. It was you recall second...

...Unidentified Participant We will continue with round two of our builder marathon this morning. We will just turn it over to Larry Seay from Meritage. These guys obviously are in a different position than some of the other guys we will hear from this morning from a capital structure perspective on the high-yield side. So we will look forward to hearing more about the business from Larry. Larry Seay - Meritage Homes - EVP & CFO I would like to thank Deutsche Bank for having us today. Here with me on the stage are Steve Davis, our COO and Brent Anderson, our VP of IR. We have been coming to this conference for several years. Our offices are in Scottsdale, so this is one of the really easy ones for us to attend. I would like to just point out our forward-looking statements. We are right at the end of our third quarter, so we have to be careful talking about the third-quarter results. Just like to point to you that if you have any questions about our forward-looking statements, please look at...

...Unidentified Participant All right. We're going to get started with Hovnanian. Just talking to Larry, it sounds like most of the things that, at least, are interesting for us as investors, they probably can't say much about; but we really appreciate them actually making the trip out, even in the midst of working out some capital structure initiatives. So I'll turn it over to Larry, and he's here with Jeff. So I'll let them have the floor. Larry Sorsby - Hovnanian Enterprises, Inc. - EVP, CFO and Director Thank you, and we appreciate the invite out to the conference. Deutsche Bank's conference is always something we look forward to attending. Going to go through a few slides; talk a little bit about the industry; talk about what we're doing to kind of manage in these tough times; and tell you a little bit about recent results. Many challenges we've been faced in today's housing market; though, I would tell you that the general tenor appears that things are not getting significantly worse....

...Andrew Mikitchook Thomas Weisel Partners - Analyst/Moderator Steve Miller Big # Sporting Goods - Chairman, President, CEO Barry Emerson Big # Sporting Goods - EVP, CFO P R E S E N T A T I O N...

...Jim Duffy - Thomas Weisel Partners - Analyst -- the footwear and apparel analyst for Thomas Weisel Partners. I'm pleased to be joined today by G-III Corporation. With us from G-III, Neal Nackman, Chief Financial Officer; Wayne Miller, Chief Operating Officer; and Jeff Goldfarb, Director of Business Development, is sitting in the front row. I guess you guys are going to go through some slides, or jump right into the Q&A? They have a few slides for us. We'll then do some Q&A, so store up your questions as you are looking at the slides. Wayne Miller - G-III Apparel Group - COO, SVP Thanks, Jim; good morning, everybody. Please take a moment and read our Safe Harbor provisions. So everybody probably knows that we are a design and merchandising marketer of some of the best brands in the industry today. We operate under four key platforms -- coats, dresses and suits, sportswear and retail. Our publicly stated goal is to be an all-seasons, well diversified apparel company and I believe that we...

...Brian Harris Ford Motor Company - Director - IR Mike Bannister Ford Motor Company - EVP, Chairman and CEO - FMCC Neil Schloss Ford Motor Company - VP and Treasurer Larry Heck Ford Motor Company - Manager - Investor Relations Lewis Booth Ford Motor Company - EVP and CFO Alan Mulally Ford Motor Company - President and CEO Mark Fields Ford Motor Company - EVP and President, The Americas Joe Hinrichs Ford Motor Company - Group VP - Global Manufacturing and Labor Affairs Derrick Kuzak Ford Motor Company - Group VP - Global Product Development Katy Noser Ford Motor Company C O N F E R E N C E C A L L P A R T I C I P A N T S...

...Paul Gagne EnCana Corporation - VP IR John Brannan EnCana Corporation - President - Integrated Oil Division Harbir Chhina EnCana Corporation - VP - Upstream Operations, Integrated Oil Dave Mudie EnCana Corporation - VP - Primrose Assets, Upstream Operations Dave Goldie EnCana Corporation - VP - Refining, Strategic Planning, Business Development CONFERENCE CALL PARTICIPANTS...

...John McConnell Worthington Industries - Chairman and CEO Dale Brinkman Worthington Industries - VP, Administration, General Counsel and Secretary Andy Rose Worthington Industries - VP and CFO P R E S E N T A T I O N...

...John McDonald General Motors Company - Communication Manager Mike DiGiovanni General Motors Company - Executive Director of Global Market and Industry Analysis Mark LaNeve General Motors Company - VP of US Sales C O N F E R E N C E C A L L P A R T I C I P A N T S...

... My name is [Andrews Arnett]. The conference continues now with our next presenter, Starwood Hotels and Resorts. And presenting for the Company is Vasant Prabhu, the Chief Financial Officer. Vasant? Vasant Prabhu - Starwood Hotels & Resorts - CFO Good morning, everyone. I guess it is getting to be good afternoon. Thanks for joining us. I will spend the next ## minutes giving you a quick overview of Starwood and then we can -- with ## minutes for questions. Standard language that you are all familiar with. So three parts -- industry trends, what are we seeing, what have we been doing in #### which as you know has been a severe downturn in the hotel business. In fact it's been the worst downturn since the Great Depression at least as far as the hard data goes. And then where is Starwood going as a company in the future. In the hotel business, you often get very focused on cycle. But if you look at ## years of history in the hotel business and...

...Michael LaBelle Boston Properties, Inc. - CFO Don Wood Federal Realty Investment Trust - President, CEO Keith Guericke Essex Property Trust, Inc. - President, CEO Jean-Edouard Carbonnelle Cofinimmo - CFO P R E S E N T A T I O N...

...Ben Mogil - Thomas Weisel Partners - Analyst I am Ben Mogil; I am the media and entertainment analyst here at Thomas Weisel Partners. It's my pleasure this afternoon to introduce Amy Miles and David Ownby. Amy is the CEO of Regal, David is the CFO. And with us is Don De Laria who is the VP of Investor Relations. Amy has been the CEO since June. Amy Miles - Regal Entertainment Group - CEO June ##. Ben Mogil - Thomas Weisel Partners - Analyst June ##. (inaudible) end of June. And has been the -- was previously the CFO of Regal since ####. And David replaced her as the CFO, but has been with the Company since ####. David Ownby - Regal Entertainment Group - EVP, CFO, Treasurer Right. Ben Mogil - Thomas Weisel Partners - Analyst So we're going to do this as a fireside chat, which means for about ## minutes I'm going to ask a couple of very broad-based strategic questions that Amy and David will naturally answer. And then we're going to open up to as much Q&A as possible. I hope everyone is pretty...

...Unidentified Participant I'd like to introduce Mr. James Volker, Chairman and President of Whiting Petroleum Corporation. And he is joined by Jack Ekstrom, Executive Director, Investor Relations, as well as John Kelso, Director of Investor Relations. Sir. James Volker - Whiting Petroleum Corporation - Chairman, President, CEO Thank you, Jim. Well, thank you, ladies and gentlemen. Whiting is pleased to be here. I know many of you are somewhat familiar with the Whiting story. I'd like to say this obviously is a great time to be Whiting Petroleum as a result of where oil prices are currently, and of course, as a result of our recent production growth seen from the Bakken drilling that we are doing. And also the continued increases we are seeing at our too large CO# projects that have brought us to total production at Whiting today of about ##,### BOEs a day. If you notice up on the screen, this is a couple of fairly new shots of what is going on at the Bakken in North Dakota. As you can tell,...

...Ben Mogil - Thomas Weisel Partners - Analyst All right, good morning. My name is Ben Mogil. I am the media entertainment analyst here at Thomas Weisel Partners. It is my pleasure here to have Kurt Hall and Gary Ferrera, who is -- Kurt is the CEO of National CineMedia. Gary is the CFO. I think as many of you know, NCM is an advertising company that owns the advertising rights to on about I guess #### screens almost now? Sorry, ##,### -- sorry #### at the partners. ##,### screens across the US and has been one of the very, very, very few ad companies this year that is actually up, which is quite a testimony to what they are doing. So we are going to do this as a fireside chat. We're going to start off with three overview questions. (multiple speakers) We're going to start off with about three overview questions and then we will take some Q&A hopefully from the audience. So Kurt, why don't you give us a brief overview of NCM? Kurt Hall - National CineMedia, Inc. - Chairman and CEO Okay, well,...

... I would like to introduce to you the management from Owens-Illinois -- Ed White, Senior Vice President and Chief Financial Officer and John Haudrich, Vice President, Investor Relations. Ed, I will let you start. Ed White - O-I - SVP & CFO I like that -- short and sweet. Well, first, a big thanks to the Deutsche Bank team for this nice venue and great conference. And joining me today is John Haudrich, our Vice President of Investor Relations and before I continue, let's all remember our Safe Harbor comments that are in your presentation. NowI'mpleasedtobeheretodayfromO-IandgiveyousomebackgroundonourCompany,highlightsomeimportantinvestment considerations and review with you how we have improved our financial performance and credit profile over these last few years. Chart # provides that quick snapshot of O-I for us. We are the largest glass container company in the rigid packaging market with nearly $# billion in sales for ####. We operate...

...Karru Martinson Deutsche Bank Securities - Analyst/Moderator Dave Meyers Del Monte Foods - CFO, EVP Administration Jarry Bodner Del Monte Foods - VP Financial Planning & IR C O N F E R E N C E C A L L P A R T I C I P A N T S...

...Unidentified Participant Good morning. I think we are going to move on to our next presentation. We have KB Home up next. And speaking on behalf of the company is VP and Treasurer, Kelly Masuda. Kelly Masuda - KB Home - SVP, Treasurer Thank you. It is a pleasure for me to be here today. As difficult as the last few years have been for the home-building industry, KB Home has still made great strides in our business by taking disciplined action, remaining dedicated to our business model andcontinuingtoinnovate.Andwhilerecognizingthatthehousingmarketcontinuestobechallenging,wearealsoencouraged by the tangible results from our plan of action as we continue managing through the current cycle and position ourselves to capitalize on market recovery and over the long term. KB Home has been executing a focused strategy that differentiates our Company from our peers in the home-building industry in many ways. Before I share comments on KB Home, I would like to refer you to these cautionary statements...

...George Pipas Ford Motor Company - US Sales Analysis Manager Ken Czubay Ford Motor Company - VP, US Marketing, Sales and Service Emily Kolinski Morris Ford Motor Company - Senior US Economist C O N F E R E N C E C A L L P A R T I C I P A N T S...

...David Robertson Apartment Investment & Management Co. - Pres., CFO, Chief Investment Officer Rick Campo Camden Property Trust - Chairman, CEO Ed Fritsch Highwood Properties, Inc. - President, CEO Brian Smith Regency Centers Corp. - Chief Investment Officer P R E S E N T A T I O N...

...Operator Good afternoon, ladies and gentlemen. Thank you for standing by. Welcome to the Richelieu Hardware conference call. At this time, all participants are in a listen-only mode. Following the presentation, we will conduct a question-and-answer session for analysts only. (Operator Instructions) I would like to remind everyone that this conference call is being recorded on Thursday, October #, #### at two third pm Eastern time. I will now turn the conference over to Mr. Richard Lord, President and Chief Executive Officer. Please go ahead, sir. Richard Lord - Richelieu Hardware Ltd. - President & CEO Thank you. Good afternoon, ladies and gentlemen. Thank you for participating in this conference call on Richelieu's results for the third quarter and nine month period ended August ##, ####, which were released this morning. As usual, I remind you that some of the issues discussed today include forward-looking information, which is provided with the usual disclaimers as outlined in our financial...

... participation. Let's get this morning underway here. I would like to introduce on the panel with me is [Vern Stoli], my colleague, and on our panel this morning the panels [sells] M&A and the fund business. To my right is Milton Cooper, Chairman and CEO of Kimco. To his right is Harrison Lefrak, Principal of Lefrak Organization and then Ric Clark, Chief Executive Officer of Brookfield Properties. So, thank you very much for participating today. I thought we'd start off with talking about some of the things that were mentioned yesterday, clearly M&A is the big question. You know, when it is going to happen or if it is ever going to happen. And one of the key points I thought that came out of yesterday's first panel was is that the banks really need to either clean their balance sheets or not to start this off. Milton, what you think about that? Milton Cooper - Kimco - Chairman and CEO M&A? I would imagine that the REIT sector's M&A is difficult....

...David Robertson Apartment Investment & Management Co. - Pres., CFO, Chief Investment Officer Rick Campo Camden Property Trust - Chairman, CEO Ed Fritsch Highwood Properties, Inc. - President, CEO Brian Smith Regency Centers Corp. - Chief Investment Officer P R E S E N T A T I O N...

...John Chambers Cisco Systems, Inc. - Chairman and CEO Fredrik Halvorsen TANDBERG - CEO Marthin De Beer Cisco Systems, Inc. - SVP of Emerging Technologies Group Hakon Dahle TANDBERG - Chief Technologist Ned Hooper Cisco Systems, Inc. - SVP of Corporate Development and Consumer Group C O N F E R E N C E C A L L P A R T I C I P A N T S...

...Patty Yahn-Urlaub Constellation Brands, Inc. - IR Rob Sands Constellation Brands, Inc. - President and CEO Bob Ryder Constellation Brands, Inc. - CFO CONFERENCE CALL PARTICIPANTS...

...Jay Harris Goldsmith & Harris - Analyst Jim Bartlett - Analyst Irwin Silverberg Burnham Securities - Analyst OVERVIEW...

...Unidentified Participant Good morning. Welcome to the General Motors Co. presentation. We are very excited to have General Motors with us again this year. Joining us today from management are Walter Borst, VP and Treasurer; and [Stephen Doerk], Manager of Investor Relations. And now I'll turn it over to Walter. Walter Borst - General Motors Company - VP and Treasurer Good morning, everybody. Happy to be back at the Deutsche Bank leveraged finance conference. Last year I spoke to you on behalf of our public company, General Motors Corp. This year, I am pleased to be back on behalf of a private company, General Motors Company. A lot has changed over the last year. I'm not going to dwell too much on the past, really going to look at the present and a little bit into the future with you here this morning. But again, thanks for the invitation and thanks for the great turnout for a private company; although we are probably going to be the most public private company around. My remarks today will...

...Christian Buss - Thomas Weisel Partners - Analyst It's a pleasure. I am Christian Buss. I'm the retail hardlines and automotive analyst here at Thomas Weisel. It's my pleasure to introduce U.S. Auto Parts. We've got Shane Evangelist, Chief Executive Officer, and Ted Sanders, the CFO. They're going to present the slide deck here, and then we'll have some time for Q&A. Shane Evangelist - U.S. Auto Parts Network Inc. - CEO Thank you, Christian. So I'll give you this little bit. You understand U.S. Auto Parts, we essentially are an online retailer of aftermarket auto parts, and we operate a network of sites that we do that with. We were founded in ####. A couple of guys literally put a bunch of bumpers in the back of a pick-up truck, drove them around L.A., and sold them to local body shops. Then they added hoods and fenders and bumpers and lamps and mirrors, and sure enough, in #### they [actually] set it up and launched a website. And unbelievably, people would buy bumpers and hoods and fenders...

...Rick Clark Brookfield Properties Corporation - CEO Toby Courtauld Great Portland Estates PLC - CEO Marc Holliday SL Green Realty Corp. - CEO Koichi Nishiyama Nippon Building Fund Inc - President & CEO C O N F E R E N C E C A L L P A R T I C I P A N T S...

...Rick Clark Brookfield Properties Corporation - CEO Toby Courtauld Great Portland Estates PLC - CEO Marc Holliday SL Green Realty Corp. - CEO Koichi Nishiyama Nippon Building Fund Inc - President & CEO C O N F E R E N C E C A L L P A R T I C I P A N T S...

...Rick Clark Brookfield Properties Corporation - CEO Toby Courtauld Great Portland Estates PLC - CEO Marc Holliday SL Green Realty Corp. - CEO Koichi Nishiyama Nippon Building Fund Inc - President & CEO C O N F E R E N C E C A L L P A R T I C I P A N T S...

...Rick Clark Brookfield Properties Corporation - CEO Toby Courtauld Great Portland Estates PLC - CEO Marc Holliday SL Green Realty Corp. - CEO Koichi Nishiyama Nippon Building Fund Inc - President & CEO C O N F E R E N C E C A L L P A R T I C I P A N T S...

...Chris Evenden NVIDIA Corporation - Senior Director of IR Bill Dally NVIDIA Corporation - Chief Scientist Andy Keane NVIDIA Corporation - General Manager of Tesla Business Unit C O N F E R E N C E C A L L P A R T I C I P A N T S...

...Mark Dankberg ViaSat - Chairman, CEO Keven Lippert ViaSat - General Counsel Ron Wangerin ViaSat - VP, CFO C O N F E R E N C E C A L L P A R T I C I P A N T S...

...Paul Gagne EnCana Corporation - VP IR John Brannan EnCana Corporation - President - Integrated Oil Division Harbir Chhina EnCana Corporation - VP - Upstream Operations, Integrated Oil Dave Mudie EnCana Corporation - VP - Primrose Assets, Upstream Operations Dave Goldie EnCana Corporation - VP - Refining, Strategic Planning, Business Development C O N F E R E N C E C A L L P A R T I C I P A N T S...

...Operator Good morning. Welcome. I decided in Scottsdale that only presenters wear ties. I'm Dave Wathen. I head up TriMas. Mark Zeffiro is just heading up to the podium here, who's our CFO. Between us, we ought to be able to answer your questions, and it's our job to do that for you. I've been at TriMas nine months, ten -- this might be my tenth month now. There's nothing like joining a company in the middle of a recession for accelerating the learning curve. And ultimately, while it's painful, it's a good thing because number one, it does accelerate the learning curve, and number two, I clearly had some marching orders about change from the board and whatever you say about it, it is easier to implement change during difficult times than it might be at other times. Standard Safe Harbor Statement. Obviously, we can't -- this is the end of a quarter. We can't share much about what's coming at us; we'll try to stay away from that. If we accidentally do, you've got the normal cautions about...

...Unidentified Participant I think Frank Kelly, our government affairs guy, is still finishing his presentation, but we will try to start on time and try to keep us on schedule here. Thanks everyone again for coming. Day two of the conference. Hope you guys are all having a very good conference and thanks again for coming to -- for the presentation here for Qwest. You guys are all well aware of who Qwest is and what they do. Obviously, one of the largest issuers in the high-yield market and a company that investors have known for quite some time. So we are very pleased to have you guys here today. Making the presentation here today for the Company is going to be the Chief Financial Officer, Joe Euteneuer. Joe has been at Qwest now for about a year. So we are very glad to have him here with us. Also here from the Company is the Treasurer, Rahn Porter, in the front row. And also from the Communications department, Diane Reberger. So thank you guys all for coming and I'm going to turn it right...

...James Kissane BAS-ML - Analyst David Scharf JMP Securities - Analyst John Neff William Blair & Company - Analyst Andrew Fones UBS - Analyst P R E S E N T A T I O N...

...Jim Duffy - Thomas Weisel Partners - Analyst With us from Zumiez, Rick Brooks, Chief Executive Officer, and Trevor Lang, Chief Financial Officer. We're doing a fireside chat forum, it's meant to be interactive. So if you have questions during the session, please signal. Let's get things started at a very high level. Rick, maybe if you could just start, for people not familiar with Zumiez, talk about your store concept, the store footprint, target customer, etc. Rick Brooks - Zumiez, Inc. - CEO First, we're glad to be here. Jim Duffy - Thomas Weisel Partners - Analyst Thank you. Rick Brooks - Zumiez, Inc. - CEO This is our first fireside chat with Jim, so we're excited to (multiple speakers). Jim Duffy - Thomas Weisel Partners - Analyst There is no fire; I apologize for the false advertising. Rick Brooks - Zumiez, Inc. - CEO We're from the northwest, we're cold. So Zumiez is targeted as an action sports lifestyle retailer. I will tell you today we are the largest action sports lifestyle...

...Jim Duffy - Thomas Weisel Partners - Analyst Welcome. Pleased to be joined today by VF Corporation. My name is Jim Duffy, I'm the sports and lifestyle analyst with Thomas Weisel Partners. With us from VF Corporation is Bob Shearer, Senior Vice President and CFO. And then hiding in the audience back there is Cindy Knoebel, Vice President, [Financial] and Corporate Communications. To kick things off, let's start with a high-level overview of the business. For folks who haven't paid attention to VFC in a couple of years, a lot has changed. Can you speak to the different components of the business and markets in which you compete? Bob Shearer - VF Corporation - SVP and CFO Well if you don't mind, first I'm going to start with kind of an overview in terms of our model and that kind of thing. Jim Duffy - Thomas Weisel Partners - Analyst That's fine. Bob Shearer - VF Corporation - SVP and CFO So yes, just to make a couple of comments about VF and our business model in particular. We have a unique...

...Jay Harris Goldsmith & Harris - Analyst Jim Bartlett - Analyst Irwin Silverberg Burnham Securities - Analyst P R E S E N T A T I O N...

...Rich Chiang Giant Interactive Group Inc - IR Manager Eric He Giant Interactive Group Inc - CFO Wei Liu Giant Interactive Group Inc - President C O N F E R E N C E C A L L P A R T I C I P A N T S...

...Patrick Luxair - Merrill Lynch - Analyst Good afternoon. I'm [Patrick Luxair]. And now we are moving to our next speaker, Mr. Mariani, the CEO of Dexia. I'm very, very pleased to have Pierre Mariani with us. He's about to celebrate his one year at Dexia. A lot's been done (inaudible) and I'm looking forward to see what's next. Mr. Mariani, floor is yours. Pierre Mariani - Dexia - CEO Thank you, Patrick. Yes, I'm about to celebrate a year of presence at Dexia. And I think on the ##th of December last year, the Company was beginning to go through a very tough experience of recapitalization and then state guarantee and then going forward through the crisis. And so, maybe -- it is a bit strange to be invited in this conference and talk about back to normal and what's the normality after such a big turmoil and such a big change, definitely in the Company's situation but also in the environment -- in market environment and market practice also. Clearly, Dexia today is not the same as Dexia last...

...Patty Yahn-Urlaub Constellation Brands, Inc. - IR Rob Sands Constellation Brands, Inc. - President and CEO Bob Ryder Constellation Brands, Inc. - CFO C O N F E R E N C E C A L L P A R T I C I P A N T S...

...Jim Duffy - Thomas Weisel Partners - Analyst (Audio already in progress) -- Jim Duffy, I'm the analyst following footwear and apparel names for Thomas Weisel Partners. We're pleased to have with us today Philips-Van Heusen. With us from Philips-Van Heusen, Manny Chirico, Chief Executive Officer; Mike Shafer, Executive VP and CFO, and in the audience here Pam Hootkin, Senior Vice President Treasurer and -- Treasury and Investor Relations. Manny was going to kick things off by just starting to talk a little bit about different trends in the business and give an overview of what he sees going on. Manny Chirico - Phillips-Van Heusen - Chairman, CEO Thanks, Jim. I just thought I'd just give a sense of the trends and how we see businesses are really shaping up in the third quarter for us. As we came out of the second quarter we started to see -- the last month of the quarter in July, we started to see our business really start to build and have an uptick. Comps in the July quarter were up about...

...Christian Buss - Thomas Weisel Partners - Analyst (Audio in progress) -- retail hardlines and automotive analyst here at Thomas Weisel Partners. It is my pleasure to introduce Robert Gross from Monro Muffler [and] Brake. He is the Chief Executive Officer. He is going to run through a slide deck and then we are going to have time for Q&A. Please feel free to jump in with questions at any time if I am asking questions. Robert Gross - Monro Muffler Brake, Inc. - CEO Thanks, everybody, for coming. Rob Gross, Monro Muffler Brake the last ## years. And let's get started so we have more time for your questions. Be careful. I'm sorry, I didn't mean to rush you guys. Read the whole thing. Basically, it says I am a lying son of a bitch and don't believe anything I got to say. For those of you on the web, just kidding. Who we are. Monro Muffler Brake & Service is our service branch. We have ### Monro Muffler Brake & Service stores. They do, on average, about $###,### to $###,### in sales; ##% service,...

...Laura Graves Tandberg ASA - Director of Global Investor Relations John Chambers Tandberg ASA - Chairman and CEO of Cisco Marthin de Beer Tandberg ASA - Senior VP Emerging Technologies Fredrik Halvorsen Tandberg ASA - CEO C O N F E R E N C E C A L L P A R T I C I P A N T S...

...David Higie Michael Baker Corporation - IR Brad Mallory Michael Baker Corporation - President and CEO Mike Zugay Michael Baker Corporation - EVP and CFO C O N F E R E N C E C A L L P A R T I C I P A N T S...

...Liz Dunn - Thomas Weisel Partners - Analyst (Audio already in progress) -- specialty retail analyst here at Thomas Weisel and we're thrilled to have John Kyees, CFO of Urban Outfitters, here with us today. John, thanks for coming. John Kyees - Urban Outfitters, Inc. - CFO Thank you for inviting me. It's a pleasure. Liz Dunn - Thomas Weisel Partners - Analyst So the format is fireside chat and Urban Outfitters is a company that I'm sure most of you know well, so we'll just dive right into questions. To the extent that you have a question, please interrupt me, your question should take precedence over mine. John, I'd love it if you could just start off talking about where your business is, how the second quarter ended and what the outlook is for the balance of the year. John Kyees - Urban Outfitters, Inc. - CFO Our second quarter was actually a little better than Wall Street had assumed. I think we beat the earnings estimate by $#.##. I think the thing that was probably most exciting to people...

...Wayne Mackie Charles River Associates - CFO Jim Burrows Charles River Associates - President, CEO Paul Maleh Charles River Associates - COO C O N F E R E N C E C A L L P A R T I C I P A N T S...

...Jim Duffy - Thomas Weisel Partners - Analyst (audio in progress) Jim Duffy. I am the analysts following the sports and lifestyle space from Thomas Weisel Partners. We are joined this morning by Jarden Corporation and Jim Lillie, President and COO from Jarden. Jim, thanks for being with us. Jim is going to kick it off with a few slides and then we are going to get into some Q&A later in the session. All yours, Jim. Jim Lillie - Jarden Corporation - President & COO Great, thanks, Jim. This morning, I am just going to give kind of a brief overview of Jarden, something like Jarden ### for somebody who may be new to Jarden. This is the first time we have spoken at this conference. We have not had much exposure to leisure, but Jarden actually runs the largest hard goods manufacturer of sporting goods in the world. It is brands like Coleman, Rawlings, K#, Volkl and many of our other brands. So I won't read you the Safe Harbor statement, but it is on the website and in our packet in case you are...

...Michael Partridge Vertex Pharmaceuticals, Inc. - Strategic Communications Matt Emmens Vertex Pharmaceuticals Inc. - CEO Ian Smith Vertex Pharmaceuticals, Inc. - EVP, CFO Peter Mueller Vertex Pharmaceuticals, Inc. - EVP, Chief Science Officer C O N F E R E N C E C A L L P A R T I C I P A N T S...

...Anthony Klarman - Deutsche Bank - Analyst Okay. We'll go ahead and get started. I think a couple of the other rooms are running behind, but we'll try our best to stay on schedule. So thanks for coming to the presentation here for Crown Castle. I just use the word "presentation," but that's actually not what it's going to be. Crown's been to the public markets -- to the high-yield market twice this year with two debt financings; one at the hold Co and one down in an Op Co. And so obviously they've been very -- pretty public with the outlook and actually there are copies of the presentation on the side table there. And we thought maybe what would be more useful would be to just delve into a conversation about the Company and the business rather than going through the slides, because I think everyone pretty much saw them probably twice already this year. So rather than have it be a third time we'll just, I think, spend some time talking about the business. So let me introduce first Jay Brown....

...Unidentified Audience Member - - Analyst Okay, I think we'll try to start somewhere close to on time, and we'll let other people come in as the other presentations break out. Thanks, everyone, for coming to the presentation here for Level #. Obviously Level # is a very well known Company in the bank and bond market here in high yield. Here with us today is the Chief Financial Officer, Sunit Patel. Sunit is going to run us through the Level # story, I know it's one you guys know a bit about already, but we'll have Sunit run through the presentation and then hopefully we'll leave some time for Q&A. So I'm going to turn it right over to Sunit. Thanks. Sunit Patel - Level # Communications - EVP & CFO Thank you, and good afternoon, everyone. I know for some of you it's late, for those who are on the East Coast, and many of you are quite familiar with the Company, so I'll run through the slides pretty quickly so we have time for questions. Obviously, comments on our guidance statements. I have...

...Barbara Doyle Lawson Software, Inc. - VP IR Harry Debes Lawson Software, Inc. - President, CEO and Director Rob Schriesheim Lawson Software, Inc. - EVP, CFO and Director CONFERENCE CALL PARTICIPANTS...

...Aaron Rakers Stifel Nicolaus - Analyst Amit Daryanani RBC Capital Markets - Analyst Jayson Noland Robert W. Baird & Company, Inc. - Analyst Glenn Hanus Needham & Company - Analyst Jung Pak BMO Capital Markets - Analyst P R E S E N T A T I O N...

...Thomson Reuters Media Michael is with Perella Weinberg. Before that he founded Kramer Capital Partners. And prior to that he was the head of financial restructuring with Greenhill & Co. Some of (multiple speakers). Michael Kramer - Perella Weinberg Partners LP - Partner And Houlihan before that. Thomson Reuters Media Sorry, Houlihan before that. And some of the assignments -- the advisory roles that Perella has in the area of restructuring right now include -- there are some gaming advisory roles as well as advising the FDIC, which as you know and have heard during the Summit, you know, just seizing banks and some of the people -- some of them are talking about #,### bank failures to come. I wonder if that is one of the things you can start off talking about is sort of where -- what role -- what are the issues right now for the FDIC and with these seized banks and bad assets that they are working to resell? Michael Kramer - Perella Weinberg Partners LP - Partner Let me just start with what...

...Guy Jaquier AMB Property Corporation - President, Europe and Asia Jeffrey Schwartz Global Logistics Properties - Chairman Philip Hawkins DCT Industrial Trust - CEO C O N F E R E N C E C A L L P A R T I C I P A N T S...

...Michael Partridge Vertex Pharmaceuticals, Inc. - Strategic Communications Matt Emmens Vertex Pharmaceuticals Inc. - CEO Ian Smith Vertex Pharmaceuticals, Inc. - EVP, CFO Peter Mueller Vertex Pharmaceuticals, Inc. - EVP, Chief Science Officer CONFERENCE CALL PARTICIPANTS...

...Suri Rajgubalin - Deutsche Bank - Analyst Good morning, everyone. I am [Suri Rajgubalin], part of high-yield research, gaming, lodging and leisure. Starting off our first presentation in gaming is Penn National. As we all know, over the last year and a half, Penn National has been a relatively solid credit in the high-yield universe. And with us from the Company is William Clifford, Chief Financial Officer. William Clifford - Penn National Gaming, Inc. - CFO Thank you. It is great to be here. It is always a fun time here in Phoenix. It could've cooled off a little bit yesterday. It was actually -- yesterday had to be ### here. But my understanding is that it is going to be much nicer weather today. Safe harbor language, anybody wants to go through the details it's available on our website. Penn National is a -- we are a regional gaming company. ##% of our revenues come from slots, roughly ##% from tables, for those places that have tables, and then almost de minimis revenues coming out...

...Karru Martinson - Deutsche Bank - Analyst Good afternoon, everyone. I am Karru Martinson, [color] consumer in retail and food here at Deutsche Bank. It's my pleasure to introduce Ian Ashken, the CFO of Jarden. Ian Ashken - Jarden Corporation - Vice Chairman, CFO, Corporate Secretary Thank you very much. Welcome, everybody. I'm going to go through the presentation and hopefully leave a little time for Q&A at the end. I'll give you all a chance to read the disclaimer. So what is Jarden today? For those of you -- some of you have followed Jarden for a long time, since when we started back in #### with about $### million in revenues on an annualized run rate up to about $#.# billion now. And this first slide, and we'll get into more detail later, is really if you just remember that that's what you need to know about us. We're all about strong brands, leading defensible market positions, and the tough environment that we've been through in the last year or two has enabled us to stand out from...

...Unidentified Company Representative This is a fascinating company. I cover the lodging space, and I just wanted to share with you two numbers. Our (inaudible) analysts for #### was using approximately $#.# billion of revenue, $### million of EBITDA and free cash flow of almost $### million for this Company. And if you put that aside (inaudible) that I do, these numbers are incredibly impressive. We have Stu Haas, who's sitting down there, who's the Treasurer of Expedia, here today, and Michael Adler, who is the CFO. And I'll let them get started and talk about their Company. Thank you. Michael Adler - Expedia, Inc. - CFO So, thank you, Andrew and Deutsche Bank, for having us here today. And thanks, everyone, for making time. So I guess I'm going to start with a joke about Seattle and a joke about Seattle rain. I read about ## of them on the Internet. They were all so sad because they were true. But I decided not to, because we have to go back to that place. But anyway, the rainy season...

...Unidentified Participant Hi everyone. Now I'd like to introduce Larry Nichols with Devon Energy. He's the Chairman and Chief Executive Officer. Larry Nichols - Devon Energy Corporation - Chairman and CEO Thank you very much. Glad to see everyone at this conference, particularly since it's such a beautiful day out there. We will plunge right in, and I'll talk to you a little bit about Devon. Of course it is a quick overview. #.# billion barrels, making us one of the larger US independents. Had a record of production. Even though we've dramatically scaled back our drilling budget, we still had a record quarterly production of ### million BOE in the second quarter of this year. An enterprise value of around $## billion. Our production is mostly in North America. We do have a little international to talk about, but we are ##% in North America. And we are balanced between oil and gas. These two charts show both reserves and production, about a two-thirds/one-third ratio. Although if you look...