Rocky Mountain Institute's fiscal year 2011 financial performance remained strong. While revenues showed a modest decline from FY 2010, continued spending discipline kept operating expenses in check as compared with FY 2010, resulting in a net income for the Institute that exceeded our FY 2011 targets by almost $900K. These outcomes helped RMI to significantly strengthen its balance sheet, reduce liabilities and end the year with net assets of $9.34 million, $1.66 million over the previous fiscal year's end.