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AptarGroup's CEO Discusses Q1 2012 Results - Earnings Call Transcript

I'd like to mention a significant step in the penetration of the juice beverage category. In the quarter, Tropicana launched the new redesigned 2.6-liter orange juice package with our custom closure. We're optimistic that further penetration of the juice and other beverage categories will contribute to the growth of our Food + Beverage segment. Profitability for this segment was negatively impacted by the start-up cost associated with our new facility in North Carolina, increased R&D and prototyping cost coming from new project activity, as well as higher custom tooling cost.

Now looking at our new facilities worldwide, we continue to bring our new capacity online, and I'm pleased to say that our progress on our new facilities in both Lincolnton, North Carolina and Mumbai, India has gone very well. In Lincolnton, we began shipping to customers in the first quarter, and we expect to begin shipping products from more our Pharma facility in India in the second quarter.

As we look ahead to the second quarter, there continues to be some macro concerns, particularly about the financial situation in Europe and a potential slowing growth rate in the emerging regions. We also expect a challenging input cost environment and that currency exchange rates will have a larger negative impact on our results in the second quarter. However, I am encouraged by the level of product -- project activity across all of our segments, and we continue to penetrate new and existing categories with our market focus strategy. We're well positioned with the recent capacity enhancements to grow with our customers in all the regions we serve.

Now I'll turn it over to Bob, who will review our quarterly financial results in more detail.

Robert W. Kuhn

Thank you, Steve, and good morning, everyone. I'd like to first comment on our consolidated results for the quarter, and then I'll go into details by business segment.

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