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April 25, 2012; 09:00 am ET
Rick Hubbell - President & Chief Executive Officer
Ben Palmer - Chief Financial Officer
Jim Landers - Vice President of Corporate Finance
Analysts John Daniel - Simmons & CompanyDoug Garber - Dahlman RoseNeal Dingmann - Suntrust
Andrea Sharkey - Gabelli & Company
Jeff Tillery - Tudor Pickering Holt
Megan Repine - FBR Capital Markets
Michael Marino - Stevens Inc.
Tom Escott - Pritchard CapitalPatrick Schindler - IBERIA Capital Partners Jeff Spittel - Global Hunter Securities
John Wengraf - Courage Capital Management
Ben Swomley - Morgan Stanley
Good morning and thank you for joining us for the RPC Incorporated, first quarter 2012 earnings conference call.
Today’s call will be hosted by Rick Hubbell, President and CEO; and Ben Palmer, Chief Financial Officer. Also present is Jim Landers, Vice President of Corporate Finance. (Operator Instructions)
Jim will get us started by reading the forward-looking disclaimer.
Thank you and good morning. Before we begin our call today, I want to remind you that in order to talk about our company, we are going to mention a few things that are not historical facts. Some of the statements that will be made on this call could be forward-looking in nature and reflect a number of known and unknown risks. I’d like to refer you to our press release issued today along with our 2011 10-K and other public filings that outline those risks, all of which can be found on RPC’s website at
In today’s earnings release and conference call we will be referring to EBITDA, which is a non-GAAP measure of operating performance. RPC uses EBITDA as a measure of operating performance, because it allows us to compare performance consistently over various periods without regard to changes in our capital structure. We are also required to use EBITDA to report compliance of financial covenants under our revolving credit facilities.