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Now, I would like to turn the call over to Todd Becker.
Thanks, Jim. And thanks for taking the time to join our call this morning. We issued earnings release yesterday after the market closed. We hope you all have had a chance to read it as to discuss our results this morning.Our revenues in the first quarter of 2012, were $775 million, we reported a net loss of $12.7 million or $0.39 a share, after 3 profitable years of operation one negative quarter does not change our long term outlook or view for the company’s prospects. We have one time charge of approximately $2.4 million after tax or $0.08 per share related to a legal settlement for litigation that was fully described in past filings. We felt it was in the best interest of our shareholders as the cause of a long protracted legal battle could have easily outweigh the settlement reached, which by the way was less than $0.10 on the dollar of the original claim, this charge was recorded in the ethanol production segment. The first quarter 2012 did prove to be challenging for the company following a period of peak ethanol margins in the fourth quarter of last year, margins compressed significantly and remained compressed throughout the quarter. As we indicated on year end conference call with you we did slowdown our ethanol production during the quarter. We produced a 176 million gallons, which was about 5% below our plants full capacity. We sold a $170 million gallons in the quarter and held a remainder as the market provided an opportunity to hold inventory and earn a return on storage.
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