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hi top prada sneakers to 2012 cumulative operating cash flow of $600 million or greater and 2012 year ended adjusted earnings per share of $1 or more. At that point we would be well on the road to truly achieving our strategic ambition. With very strong brand leaders, consisted product and marketing execution driving exceptional consumer loyalty, outstanding product quality and price value for the consumer, optimized e Commerce and direct store franchise building and a profitable and humming partnered brands portfolio. So with that let's dive down deep into the third quarter results. Andy take it away.Thank you Bill and good morning everyone. I will start today by walking you through our third quarter adjusted results and key financial metrics. 515 pairs of actually operating performance again separating assumptions that we previewed to you back in august in our second quarter conference call.Overall our financial results were inline with our expectations. Adjusted operating income of $8 million was 40 million better in 3Q 2009 and 56 million better in second quarter of this year. Back in august we guided that our third quarter adjusted EPS will be flat and slightly negative. Our actual results of negative $0.04 was inline with this guidance we exclude the FX loss of $0.20 per share primarily related to the translation of the de designated portion of the Eurobond hedge.We continue to make impressive balance sheet progress for the quarter with total inventories down 7% accounts receivable down 26% and total debt reduced by $92 million lastly we ended the quarter with significant credit facility durability of $157 million. We remain highly focused and continue to be very successful and managing cash and de leveraging the company. Slide 7 speaks for itself. You may see this quick snapshot of our third quarter adjusted P versus our 3Q 2009 performance. Slide 8 is a summary of our key balance sheet measures.Let me highlight a couple of important metrics. First, total debt was reduced significantly by $92 million by 11% decline year over year. We ended the quarter with 737 million versus 829 million in total debt.Second, capital expenditures were $62 million for last 12 months. For 2010, we have