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We are also well-positioned with our balance sheet. At July 31, we had $490 million of cash and cash equivalents versus $366 million a year ago. Short-term and long-term debt totaled $964 million at July 31, up from $940 million a year ago. Total debt was 35% of stockholders' equity versus 39% a year ago. Net inventories of $2.3 billion, which represents about half of total assets, have increased just 4% from a year ago, with finished goods inventory up 8% and combined raw material and work-in-process inventories down 1%. Net inventories would have increased 7% when excluding the translation effect of a stronger dollar, primarily against the weaker yen. We continue to project about a 5% increase in net inventories for the year or slightly less than projected sales growth.
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