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

Lorillard (LO)

Q4 2011 Earnings Call

February 09, 2012 9:00 am ET

Executives

Robert Bannon - Director of Investor Relations

Murray S. Kessler - Chairman, Chief Executive Officer and President

David H. Taylor - Chief Financial Officer and Executive Vice President of Finance & Planning

Analysts

Vivien Azer - Citigroup Inc, Research Division

Christopher Growe - Stifel, Nicolaus & Co., Inc., Research Division

Nik Modi - UBS Investment Bank, Research Division

David J. Adelman - Morgan Stanley, Research Division

Andrew Kieley - Deutsche Bank AG, Research Division

Christopher Ferrara - BofA Merrill Lynch, Research Division

Presentation

Operator

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Good day, ladies and gentlemen, and welcome to the Lorillard, Inc. Fourth Quarter and Full Year 2011 Earnings Conference Call. My name is Rachel, and I will be your operator for today's call. [Operator Instructions] As a reminder, this conference is being recorded for replay purposes. At this time, I would like to turn the conference over to your host for today's call, Mr. Bob Bannon. You may begin, sir.

Robert Bannon

Thank you, Rachel, and good morning, everyone. I'm Bob Bannon, Lorillard's Director of Investor Relations. And joining me on today's call are Murray Kessler, Lorillard's Chairman, President and Chief Executive Officer; and David Taylor, its Chief Financial Officer.

By now, you should have received a copy of our fourth quarter 2011 earnings release. It can be found on the company's website, lorillard.com, under News Releases.

Before we begin, I'd like to remind you that some of the comments on today's call, and some of the responses to your questions, may contain forward-looking statement. These statements are subject to the risks and uncertainties as described in the company's earnings release and in other filings with the SEC. Also, certain financial information, such as adjusted net income and adjusted earnings per share that will be discussed on today's conference call, is also presented -- is presented on a non-GAAP basis. Description of most directly comparable GAAP measure and reconciliation between the non-GAAP and GAAP measures are provided in the company's earnings release, which is available on our website.