Please turn to Slide 3 for our second quarter highlights. Reported earnings per share from continuing operations were $1.13 in the March 2012 quarter. When adjusted for key items which I will cover shortly, EPS was $1.52 as compared with $0.97 in a year ago quarter. Let me note that the $0.97 in the prior year does not include the results of ISP or the related financing cost. This is the only time this morning that we will present data in this manner. For the rest of the presentation and to aide in your analysis we will present results on a pro forma basis which includes the results of ISP in prior periods.Sales totaled $2.1 billion a 2% increase over the prior year on a pro forma basis. Operating margin was consistent between all periods roughly 10.5% of sales. Our adjusted EBITDA was $329 million 2% above the $322 million of pro forma adjusted EBITDA in the prior year quarter. EBITDA as a percent of sales was nearly 16%.
Ashland's CEO Discusses F2Q2012 Results - Earnings Call Transcript
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