Nordson Earnings Call Nuggets: ATS Side Outlook and Global GDP Growth
ATS Side Outlook
Liam Burke – Janney Capital Markets: Mike, you talked about the tests on the ATS side being a little weaker year-over-year. If you could flip over to the end markets, could you just give us some sense as to how the mobile and medical markets are looking for you on the ATS side?
Michael F. Hilton – President and CEO: Sure. So the medical piece, the medical markets has continued to be strong for us across both the dispensed platform and the components platform. Good progress year-to-date and we are driving growth going forward with broadening product line and new application. So that’s been pretty solid. I’d say on the mobile side of things, the mobile part of the business is also been pretty strong. We’re up against some really tough comparisons relative to last year. So as we got further through the quarter, our order rates didn’t quite keep pace with last year, but I’d say, very strong year in the mobile business. Some different application is driving growth there than what we might have seen last year. And we’re still looking for some additional growth to come from changes in features and form factor. I’d say what hasn’t come back at all really and this is a fact that the test and inspection piece is the more traditional desktop server kind of applications that if you went back in the beginning of the year most of the industry forecast is expected in the second half of the year to pick up. We’ve really not seen that pickup at all and that’s really been the main thing that’s affected test and inspection.
Liam Burke – Janney Capital Markets: And you touched on emerging markets as they shift from infrastructure export to more internal consumer consumption. That should fit in well for adhesive systems where a lot of the systems that you sell into are for consumer applications, are you seeing a lag there as that transition occurs or you seeing any pickup or anything over the next few months or quarters?