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Accounts receivable at April 30Links of London Black And Orange Friendship Bracelet 2010 were 3% above the prior year. -- Net inventories at April 30, 2010 were 5% below April 30, 2009. However, net inventories have increased 3% since the start of the fiscal year, and management's objective continues to call for a high-single-digit percentage increase for the full year to support sales growth and new store openings. -- The Company spent $14.3 million in the first quarter to repurchase 319,500 shares of its Common Stock at an average cost of $44.62 per share. Approximately $388 million remains available for future repurchases under the Links of London Red Valentine Bracelet plan which expires in January 2011. -- Cash and cash equivalents were $674 million at April 30, 2010, versus $304 million a year ago. In addition, total short-term and long-term debt was 39% of stockholders' equity at April 30, 2010, compared with 51% a year ago. Mr. Kowalski continued, "We are taking advantage of opportunities related to store expansion, new Links of London introductions and expanded marketing communications in order to grow Tiffany's worldwide presence and market share, and we have considerable financial strength as evidenced by our two most recent dividend increases of 18% and 25%. We are very encouraged with first quarter results, but believe it is prudent to maintain at least a modicum of caution in Links of London Sweetie Wide Ring outlook due to global economic uncertainties. In our second quarter to-date, consolidated worldwide sales are growing in line with our objective.