Bel Fuse Inc.

This time, we'd like to open up the call to any questions you might have.

Thank you. We will now conduct a question and answer session. If you would like to ask a question, please press star 1 on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press star 2 if you would like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys. One moment while we post our first question. Our first question comes from Theodore O'Neill with Litchfield Hills Research. Please proceed.

Thank you, and congratulations on the good quarter. Lynn, I know you said at the Jeffries Conference that your debt is as low as it's going to get, but I was wondering if you could talk about either M&A or how you're going to deploy the capital, because at the time of the conference, you didn't have $100 million in cash, and you do now. And you're talking about bringing inventory turns down as well, so that would add to your cash balance as well.