INTRODUCTION FOR CONFERENCE CALL 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 today’s date, our most recent Form 10Q filed on August 4, 2008 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 http://www.moog.com. 

Good morning. Thanks for joining us. This morning, we’ll report the results for the fourth quarter of fiscal ’08, we’ll review the ’08 year-end results, and we’ll describe for you what we think is likely to happen in our fiscal ’09.

Before we get into the normal report, though, I’d like to do a quick review of our credit situation. You may remember that in March we increased the size of our revolver by $150 million to $750 million and in June we sold $200 million worth of high-yield debt at 7¼%. As we finished fiscal year ’08, we had drawn down only $265 million on our revolver, so we have $485 million available. We also had $87 million in cash. The revolver is provided by a syndicate of banks. The major participants are rock solid – they’re HSBC, M&T Bank, Bank of America and J.P. Morgan. In addition, our fourth quarter cash flow was positive and John Scannell will describe those results, in more detail, in a few minutes. Now, back to fiscal ’08.

FY’08 Total Year

Fiscal ’08 was another great year for our Company. Sales of $1.9 billion were up 22%. Net earnings of $119.1 million and earnings per share at $2.75 were both up 18%. We achieved these results while continuing to make substantial investments in R&D, particularly in the Aircraft business. R&D for the year was just under $110 million, or 5.8% of sales. Historically, our R&D expenditures have run closer to 4% of sales. For the year, Aircraft R&D was just over $67 million and we spent almost half of that on the 787. Our SG&A expense, $295 million, was up 17% compared to our 22% sales increase. Interest was up $8 million to just under $38 million, driven by our acquisition activity over the year. All-in-all these cost increases were overwhelmed by an $80 million increase in gross profit, of which $18.1 million came to the bottom line.

Q4 Results

In terms of earnings, the fourth quarter came out right where we had predicted, although we achieved the result in a somewhat different fashion than we had expected. Sales were stronger than forecast, margins a little lower, and we got some help from a low tax rate. Sales for the quarter were $491 million, up 19%. Net earnings of $31.7 million generated earnings per share of $.73, an 18% increase over last year.

FY’09 Guidance

I presume that most of you have seen this morning’s press release in which we revised our guidance for fiscal ’09. Ninety days ago, we projected ’09 sales in a range around $2.1 billion and we predicted net earnings in a range between $134 million and $140 million, and earnings per share between $3.08 and $3.20. Since our last call, we’ve done a new forecast and we now have a somewhat different view as to what the next 11 months are going to be like. I’ll describe our forecast in more detail as I go through the segments, but in total we’re now projecting sales at just over $2 billion plus or minus about $20 million, and earnings per share in a tighter range around $3.08. We’re forecasting a range of $3.03 to $3.13. The midpoint, $3.08, would be a 12% increase over ’08. I recognize that some of you have a more pessimistic outlook based on general economic conditions. I’d ask you to stick with me as I move through our segments. I think you’ll find that the majority of our ‘09 sales will be unaffected by the “recession.”

Now to the segments.