Although we are on track with our expected results for personal auto and small commercial, our expected combined ratios for large commercial and homeowners will be higher than we anticipated at the beginning of the quarter.

I am very perplexed by these results. I had expected 50 percent of the 64 retailers that we track would have missed their sales forecasts. But two-third of that universe have beat so far.

The results were just as I had expected.

I expected results.

The absence of these events combined with softer ad demand in the auto category unfavorably impacted our broadcasting segment results.

Jonathan has a proven track record of driving results in this space. His innovative approach combined with the talents of the existing management team will ensure our continued success. We look forward to having him on board.