Question-and-Answer Session
Operator
Thank you. (Operator instructions) One moment for the first question. Our first question is from the line of Kevin Kessel. Your line is open. Please go ahead.
Kevin Kessel – Bear Stearns
Sure. Can you hear me?
Vinod Khilnani
Yes.
Donna Belusar
Yes.
Kevin Kessel – Bear Stearns
Great. So, I guess my first question is, Vinod, so, for the full-year guidance that you mentioned today that you reiterated 5% to 8% growth and $0.78 to $0.83, when I look at it and I look at the two tuck-in acquisitions you did so far, based on my math, I don't know if I'm right or not, but I calculate that you might have got as much as $3 million possibly in contribution in the first quarter. And then overall, based on the run rates they were at, it would be close to $35 million for the year, which actually works out to about 5% year-on-year growth versus '07. So, in other words, if the acquisitions never happened, I'm actually curious whether or not the environment is such that you would actually have to be reducing your expectations. And on top of that, you mentioned they are both accretive, yet it's the same EPS range?
Vinod Khilnani
Kevin, first commenting on the top line, you will remember that in January when we gave the guidance for 2008, we did say that – at that time we had one acquisition completed, in fact second acquisition we mentioned was going to be completed. At that time, we said that our growth target on the one hand would reflect what I will call somewhat unusual end of life EMS HP-related product. And so we said that that unusual negative will be offset by non-organic acquisition activity. And so, in our mind those two things offset each other very roughly and so we believe that the top line growth, which we were guiding the Street, was truly reflective of all the focus areas we are driving. Those are sensors and actuators and communication infrastructure components, and in EMS, defense and aerospace, industrial and medical market. As far as the bottom line is concerned, you are exactly right, both of these acquisitions we have done in the first quarter are accretive, approximately one penny each. And so that does give us an upside to our guidance. But as I said, we are still fairly cautious about the rest of the year and we want to watch it. And if the things don't deteriorate, we probably will be on the very top end of our guidance. But we did not feel comfortable to change the guidance at this time, given the fact it's only the first quarter and there were still a few things up in the air from the macroeconomic point of view.
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