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December 08, 2011 10:00 am ET
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
Christopher D. Manuel - Wells Fargo Securities, LLC, Research Division
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
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.
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.