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American Reprographics Company's CEO Discusses Q2 2011 Results - Earnings Call Transcript

This call will contain forward-looking statements that fall within the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995 regarding future events and the future financial performance of the company including the company’s financial outlook. Bear in mind that such statements are only predictions and actual results may differ materially as a result of risks and uncertainties that pertain to our business. These risks are highlighted in our quarterly and annual SEC filings.

The forward-looking statements contained in this call are based on information as of today, August 4, 2011 and except as required by law, the company undertakes no obligation to update or revise any of these forward-looking statements.

Finally, this call will contain references to certain non-GAAP measures. The reconciliation of these non-GAAP measures is set forth in today’s press release and in our Form 8-K filing.

At this point, I’ll turn the call over to our Chairman, President and CEO, Suri Suriyakumar. Suri?

Suri Suriyakumar

Thank you, David and good afternoon. As we reported earlier today, the second quarter of 2011 delivered $109.6 million in revenue, a gross margin of 32.6% and $7.3 million in cash flow from operations. Adjusted earnings per share for the quarter came in at $0.00. Unfortunately, the first half of the year turned out to be disappointing, macroeconomic conditions caused by the recovery to stall and based on the current industry projections it appears that the rest of the year will remain challenged.

The good news, however, is that we continued our progress in restructuring the company which resulted in significant improvements in our operating results and advancements on our key initiatives. Here are the highlights. In the second quarter of our revenue increased by $3.1 million while our adjusted EBITDA went up by $3.4 million, clearly demonstrating that our efforts to eliminate costs are producing immediate results.

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