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June 7, 2012 10:00 AM ET
Debra Strohmaier – Vice President, Corporate Communications
Robert M. McNutt – Senior Vice President & Chief Financial Officer
David Fischer – President and CEO
Matthew Wooten - Robert W. Baird & Co.
Phil M. Gresh - JP Morgan Chase & Co.
Adam Josephson – KeyBanc
Gabe Hajde - Wells Fargo Securities
Greetings and Welcome to the Greif Inc Second Quarter 2012 Earnings Conference Call. At this time all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. (Operator instructions). As a reminder, this conference is being recorded.
It is now my pleasure to introduce your host Debra Strohmaier, Vice President of Corporate Communications for Greif. Thank you. You may begin.
Thank you, Kristine, good morning. As a reminder, you may follow this presentation on the web at Greif.com in the Investor Center under Conference Calls. If you don't already have the earnings release, it is also available on our website. We are on Slide 2.
The information provided during this morning's call contains forward-looking statements. Actual results or outcomes may differ materially from those that may be expressed or implied. Some factors that could cause the results or outcomes to differ are on Slide 2 of this presentation in the Company's 2011 Form 10-K, and in other Company SEC filings as well as Company earnings news releases.
As noted on Slide 3, this presentation uses certain non-GAAP financial measures, including those that exclude special items, such as restructuring charges and acquisition-related costs, and EBITDA before and after special items. EBITDA is defined as net income, plus interest expense net, plus income tax expense, less equity earnings of unconsolidated subsidiaries, net of tax plus depreciation, depletion and amortization expense.