In addition, we will be referring to both GAAP and non-GAAP financial measures. Our recently-published earnings release contains definitions of these non-GAAP measures and a reconciliation of these non-GAAP measures to the most comparable GAAP measures.
Our earnings release can be found in the news release section of our website at apfc.com. I will now turn the call over to our CEO and President, Joe.
Joe CarleoneThank you, Linda and good afternoon, ladies and gentlemen, and thank you for joining our conference call. I am pleased to report that our first quarter results for 2012 have met our expectations. Production in all of our segments remained on track and new products in our Fine Chemical segment continue to progress as well. Because of this outlook, we are confirming guidance of at least $28 million in sales, and at least $35 million in EBITDA for fiscal 2012. Dana Kelley will discuss this later in this conference call. As AMPAC progresses in to fiscal 2012, we continue to build upon our core products and add new products and customers in both our Fine Chemicals and our Aerospace Equipment segments. Our Specialty Chemical segment remains stable and profitable. Our corporate wide operational excellence and cost reduction initiative, continues to be a focus of all business segments as we seek innovative approaches to improve product margin and keep operating expenses as low as possible, in the face of rising cost in many areas, including employee benefits. These product related and cost reduction activities will make us more profitable and secure our growth profile in the future. Let us now discuss each of the business segments beginning with our Fine Chemical segment. Excellent news was received at the end of our first fiscal quarter of 2012. The Drug Enforcement Agency approved our registration as a bulk manufacturer of schedule II controlled substances. Furthermore, we have also recently executed a manufacturing agreement with a large pharmaceutical customer to produce controlled substances, and will soon be conducting a full scale validation of a chemical product in this area.