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Greif's CEO Discusses Q4 2011 Results - Earnings Call Transcript

Greif (GEF)

Q4 2011 Earnings Call

December 08, 2011 10:00 am ET

Executives

Robert M. McNutt - Chief Financial Officer and Senior Vice President

Debra Strohmaier - Vice President of Corporate Communications

David B. Fischer - Chief Executive Officer, President, Chief Operating Officer and Director

Analysts

Christopher D. Manuel - Wells Fargo Securities, LLC, Research Division

Unknown Analyst

Steven Chercover - D.A. Davidson & Co., Research Division

Paul Owens - Avoca Capital Holdings

Ghansham Panjabi - Robert W. Baird & Co. Incorporated, Research Division

Phil M. Gresh - JP Morgan Chase & Co, Research Division

Presentation

Operator

Greetings, and welcome to the Greif, Inc. Fourth Quarter 2011 Earnings Conference Call. [Operator Instructions] As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Debra Strohmaier, Vice President, Corporate Communications for Greif, Inc. Thank you, Ms. Strohmaier, you may begin.

Debra Strohmaier

Thank you, Rob. Good morning. As a reminder, you may follow this presentation on the Web at greif.com in the Investor Center under Conference Calls. If you don't already have the earnings release, it is also available on our website. We are on Slide 2.

The information provided during this morning's call contains forward-looking statements. Actual results or outcomes may differ materially from those that may be expressed or implied. Some factors that could cause the results or outcomes to differ are on Slide 2 of this presentation, in our 2010 Form 10-K and in other company SEC filings, as well as company earnings news releases.

As noted on Slide 3, this presentation uses certain non-GAAP financial measures, including those that exclude special items, such as restructuring charges and acquisition-related costs and EBITDA before and after special items. EBITDA is defined as net income plus interest expense, net, plus income tax expense, less equity earnings of unconsolidated subsidiaries, net of tax, plus depreciation, depletion and amortization expense. Management believes the non-GAAP measures provide a better indication of operational performance and a more stable platform on which to compare the historical performance of the company than the most nearly equivalent GAAP data. All non-GAAP data in the presentation are indicated by footnotes. Tables showing the reconciliation between GAAP and non-GAAP measures are available at the end of this presentation and in the fourth quarter and fiscal 2011 earnings release.

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