Mark L. Aaron – VP – IR:

During the quarter, we expanded Tiffany’s presence in China with the opening of an additional store in Shanghai, a substantial 6,400 square foot store in the Hong Kong Plaza, and just earlier this month, we also opened 3,100 square foot store in the IFC Mall in the Pudong section of Shanghai. We now operate 12 stores in Mainland China and are on track to have approximately 30 stores there within about five years.

Full transcript here.

Douglas C. Yearley, Jr. – CEO-Elect and EVP:

International opportunities, we’re searching. We’ve been back to China now three or four times, and we may do something over there. If we do, it will be with very little capital and with a great local joint venture partner. There may be opportunities outside of traditional homebuilding. We’ve entertained chasing some large portfolios of loans where maybe the outcome is not to see Toll Brothers’ lots, but just to service those loans and make money. So we’re certainly considering that, but it’s a great time for me to have this opportunity, because we’re back to growing and that’s exciting and there is great opportunities coming along.

Full transcript here.

Jens Martin Jensen – CEO:

We are now on slide 17, which is about the market. Historically, it was a pretty decent quarter with VLCC earnings around $50,000 a day and Suezmaxes about $30,000 a day. Positive factors being limited fleet growth due to few deliveries than estimated acceleration of the single hull phase out.

Storage remained again a positive factor with estimated 50 VLCCs being used for storage with majority obviously would be in (whole) in ITC fleet being tied up for storage. OPEC production was up compared to a year ago and so was the global oil demand. China’s crude oil import remained strong and this has a very positive ton-mile effect with large volumes being imported from the Caribbean and West Africa. 21 single hull VLCCs have so far been removed from the trading fleet and 9 Suezmaxes have followed the same route.

Slide 21, China, impressive growth and vital for the tanker and crude oil industry. Car sales in China in 2009 was 46% up year-on-year, and so far for the first quarter in 2010, 17% higher than the first quarter in 2009. Q1 crude oil demand was 19% up year-on-year, and China now accounts for one-third of the world’s global oil demand growth.

Also massive refinery expansion growth in China, which is obviously explaining some of the increased crude oil demand. But also on the demand side, we have seen the strategic stockpiling have started to kick in and the stockpiling tankers in China is also considering growing over the next years.

David Neuhauser – Livermore Partners:

My question actually is very similar to last caller, which is more of a macro question. Which had to do with, China obviously makes up a third of your market here in oil and want to see if we are seeing any further issues with that, if we do see demand slow down here in the next several months?

Jens Martin Jensen – CEO:

I had the same question when we did our presentation this morning in Norway. And of course this is purely my comment, but it is probably a good time for the Chinese state now to buy some more oil when it has gone down 10 bucks. So, that was my hope that we will see more oil going into China and some long term mileage. But that’s my view.

Full transcript here.

Michael W. Laphen – Chairman, President and CEO:

Notwithstanding the difficult economic times, we remain true to our strategic direction. We expanded our footprint in the growing markets of Latin America and China.

Benefitting from strong marketplace synergies, we closed our first outsourcing deals since our recent acquisition in Brazil. Our new service center in Tianjin, China expands our capabilities in this important market. We are also seeing a healthcare services market emerge in China for which CSC is very well positioned.

Full transcript here.

Meredith Adler – Barclays Capital:

…we’ve had some discussion about some of your operating costs like fuel and ocean freight. Could you talk a little bit about what you’re seeing in terms of the cost of imported product? I think you usually have probably a good nine months of visibility into cost.

Kevin S. Wampler – CFO:

Yeah, we do. And honestly we have some of the best product still come in, so it’s because the buying trips over the past year have been very productive. Our merchants have done a terrific job putting together these assortments with more value, better margins. A lot of the improvements in costs that we’ve seen obviously, as we always do, we reinvest that into more value in the product so that we can thrill our customers.

But it really is with the size of our Company and the power of our pencil and with the way we go to market, the costs and most of our imports are from China, but our costs out of China are very favorable and they have been consistently favorable for about the past year. So, we’re not seeing in the domestic product – from time-to-time there are products that tended to rise. We’ve always felt that we didn’t have to have anything though when our buyers are armed with that ability to drop an item. We know our retail is a dollar and it’s all about getting the cost for that items that fits our margin so that we can offer to our customers. If we can offer an item to the customer, we will drop it and we’ll pick it up somewhere else. We are very deft, our merchant payment is very deft at doing that but it’s a very favorable buying environment right now.

Full transcript here.

Michael A. Miles, Jr. – President and COO:

Our high-growth markets generally showed improved sales trends as the economies of Asia and South America rebound from 2009. In addition to sales growth, we need to drive higher gross margin rates in these businesses, and we made good progress on that in China and Brazil this quarter.

…we continue to make strides in our profitability with strong improvement in Europe during Q1. We expect to improve our overall profitability throughout the year as we lap last year’s losses in China and printing systems.

China is the other big factor for us. As you know, we lost about $50 million in Asia in 2009. We’re in the three-step process of improving that. One is back to basics, getting out of the unprofitable businesses we’re in and anniversaring some of the one-time costs and that’s going to kick-in in the second and third quarters of this year, and then, building the business, improving the gross margins there through their merchandising and ultimately building scale there. But for us, in China, Q1 was about the same as Q1 was a year ago. The improvement that we expected there for the P&L will be more than the last three quarters of the year.

Matthew Fassler – Goldman Sachs:

…given what you see currently from I guess, printing in China in particular, since those seem to be the biggest drags, at what point do you cycle the issues there?, And do they start to, I guess, together become neutral or perhaps even contribute year-on-year to the P&L?

Michael A. Miles, Jr. – President and COO:

They should start to be positive at least in the year-over-year comparisons beginning in the second quarter.

Full transcript here.

Glenn K. Murphy – Chairman and CEO:

Let me just give you a quick update on international business; everything is progressing very well in China for a late fall opening of the Gap brand in the Chinese market. And I’m seeing some very good progress with the team on strategy, definitely some thoughtful ideas, when it comes to our value proposition, and really the real estate team is starting to get good traction.

Full transcript here.

Glen Yeung – Citigroup Capital Markets:

Top of mind for a lot of investors these days is, what is going on in Europe and what’s going on in – to maybe a lesser extent what’s going on in China. I wonder if you guys can address anything you may be seeing there – if you are not seeing it that’s fine too, and see if there is any change in order patterns or anything that you might detect in those regions?

Clyde R. Hosein – CFO and Secretary:

Nothing specific, Glen, in order patterns. We are aware that the economic particularly in Europe we see lesser in China, but it could affect some demand particularly on the PC side. But we think – but haven’t seen anything specific in order patterns yet. And it is questionable how big that could be. I think this is more of a macroeconomic issue, not anything specific.

Sanjay Devgan – Morgan Stanley:

…a lot of has been made recently about the iPad and the launch of products similar to that from other vendors. I was wondering if you can just talk about how Marvell is positioned to capture that wave as it comes in and what are your thoughts on that market as an opportunity for you guys?

Dr. Sehat Sutardja – Chairman, President and CEO:

Obviously, this is an area that we’ve been looking out for the last several years. This is exactly the kind of markets that we are targeting. Markets that require high performance processors, markets that require high-performance graphics, 3D graphic engine, markets that require full HD functionalities, so if you look at our product that we introduced early this year, the ARMADA family, this is a market they are targeting for the next generation types of iPad tablet solutions. You consider this just as a higher end version of our cell phone chip. In cell phone we typically incorporate slightly less performance and less graphics capability, less video capability. On the tablet types, we beef up those functions.

Yeah Wi-Fi, this is our strength. Okay have Ethernet, gigabit Ethernet, Wi-Fi combos, FM radios, Wi-Fi Bluetooth FMs and Ethernet, gigabit Ethernets and power managements, battery back life, battery chargers, audio technology, also the baseband. So it depends on the market. We target it for the market in China and we have a CDMA-base where they will be targeted in China. If the target market has seen in other parts of the world then we have 3G baseband. So in a sense that this is a market there is similar in terms of size of market but the volumes post opportunity is similar to smartphone, but it comes in a bigger form factor. So I usually talk to people in terms of what this tablet will – this tablet fits between the laptop and smartphone market, but the volume is similar, more closely similar to a smartphone market than the laptop market. So, it means that this is huge opportunity for companies like us they can develop very low power, high performance application processor, and complete solutions.

Full transcript here.

Kent A. Kleeberger – EVP, CFO and Treasurer:

I will tell you that at least as it relates to the current environment, some pressures we are beginning to see is getting squeezed a little bit on the inbound freight cost, particularly air, because there has been some artificial demand created because of reduced capacity. So, if anything, I look at these initiatives with our sourcing group as being able to offset some of those incremental pressures, but we’re trying our work our way through that. I think our strategy go forward is and the sourcing perspective is not only to cease upon the piece goods, but we certainly have to take a look at country of origin, because obviously I’m hearing and a lot of people are validating that there are some inflationary pressures particularly on the labor front in China and it’s been our strategy that started as much as 16 months ago to begin moving some production out of China into other areas in the Pacific Rim such as India, Bangladesh, Indonesia, Sri Lanka, et cetera. So, I’m very much encouraged with the progress that we’ve made so far, but there’s still much work to be done.

Full transcript here.

J. Steven Smigie – Raymond James & Associates:

I was hoping you could talk a little bit about the comm business in more detail. If I look back over the past number of years, seem to sort of flattish dollar-wise, and maybe some classification change there or something, but you obviously said that there was some maybe 20% growth there in the wireline business, but overall still sort of flattish, can you talk how that might rollout over the coming year, do you think we can see better growth going forward out of that?

Jerald G. Fishman – President and CEO:

This is in the communications, specifically?

J. Steven Smigie – Raymond James & Associates:

Yes, just overall communications.

David A. Zinsner – VP, Finance and CFO:

Yeah, I think that business is obviously a very large customer business, and when one customer does well, often you see that customer is flattened out for a while.

Clearly, the part that we were disappointed in this quarter was that few of our large customers in China, we actually saw a decline this quarter, which was anomalous for that business mainly because there were some well publicized push-outs in China capital spending in the communications business. I think, as we go forward, we’ve looked at the order book pretty carefully, particularly over the last month or so, and based on the orders that we have on the books from our customers in China, we expect that we’re going to get – we’ll have third quarter be a good growth quarter in that business in China, and we’ve enjoyed all the ups and downs in the wireless market.

Over the last couple quarters, the non-China business has continued to grow. So, I mean, we have a very solid position with the largest market shareholders in Asia and in Europe, in Unites States. If anything, I think our share is better than it was two or three years ago. So, I think as that business ebbs and flows with capital spending and inventory cycles with those customers, I think, the wireless communications part of the business is going to continue to be a good growth driver for us in coming years. It tends to be a little lumpy for sure, but what I tend to pay attention to the most is the feedback we’re getting from the customers about our position, about how we’re doing. The award we got from Huawei was a great substantiation of the fact that we’ve an enormously strong position in one of the strongest players in the base station business in the world. So we also have very strong positions in other very significant players, to Ericsson, and so on. So, I think, we have a very good balance, and we have a very strong position, which is going to continue to have that business be a good business for us for a long time in the future if we keep executing.

Full transcript here.