Second, except where otherwise indicated, Eastman financial measures referenced in this presentation are non-GAAP financial measures, such as earnings per share and operating earnings that exclude Solutia acquisition, financing transaction integration costs and the second quarter 2011 gain from the sale of a previously impaired assets. In addition, Solutia earnings are presented as
adjusted EBITDA, which is defined as net income before interest expense, income taxes and depreciation and amortization and certain items that affect comparability and noncash stock compensation expense.
A reconciliation to the most directly comparable GAAP financial measure and other associated disclosures, including a description of the Solutia acquisition transaction financing integration costs, the gain from the sale of previously impaired asset and Solutia-adjusted EBITDA, are available in our second quarter financial results news release and the tables accompanying the news release available on our website, eastman.com.
Lastly, we have posted slides that accompany our remarks for this morning's presentation on our website in the Presentations and Events section.With that, I'll turn the call over to Jim. James P. Rogers Thanks, Greg, and good morning, everyone. I'm told we got a record number of people on the phone this morning, so thanks for joining us. That could be because we're doing it on a Tuesday, but more likely, it's because we have a little bit more to talk about with not only our heritage business, but also the Solutia business. So let me start on Slide 3. As is my normal practice, I'll start by reviewing our key outlook statements. First, when we announced the Solutia acquisition back in January, we indicated we expected to close the transaction midyear 2012. And thanks to a lot of hard work, we were able to meet that timeline closing on July 2, and we're very happy to have Solutia as part of Eastman. Obviously, I'll talk more about Solutia second quarter results in a few minutes, and then Curt will talk about our progress on integration and synergies in his section.
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts