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The Clorox Management Discusses Q4 2012 Results - Earnings Call Transcript

Let me remind you that on today's call, we will refer to certain non-GAAP financial measures including, but not limited to, free cash flow, EBIT margin, debt-to-EBITDA and economic profit. Management believes that providing insights on these measures enables investors to better understand and analyze our ongoing results of operations.

Reconciliation with the most directly comparable financial measures determined in accordance with GAAP can be found in today’s press release, this webcast's prepared remarks or in supplemental information available in the Financial Results area of our website, as well as in our filings with the SEC. In particular, it may be helpful to refer to tables located at the end of today's earnings release.

Please recognize that today's discussion contains forward-looking statements. Actual results or outcomes could differ materially from management's expectations and plans. Please review our most recent 10-K filing with the SEC and our other SEC filings for a description of important factors that could cause results or outcomes to differ materially from management's expectations and plans. The company undertakes no obligation to publicly update or revise any forward-looking statements.

Today, Larry will start with a discussion of our volume and sales results. Steve will follow with a review of our financial performance for the quarter and fiscal year, as well as discuss our current outlook for fiscal year '13. And finally, before turning to Q&A, Don will close, commenting on some areas of strategic focus for the fiscal year.

With that, let me turn it over to Larry.

Steve Austenfeld

Thanks, Steve, and hello to everybody on the call. Overall, our fourth quarter top line performance was strong, and we finished fiscal '12 in good fashion. We delivered sales growth of 4% on top of the 4% sales growth in the year-ago quarter. Even without the recent acquisitions, sales grew by 2.5%, and sales were up in all 4 of our business segments. Turning to volumes. Q4 volume was up 2%, about half the rate of sales growth, due to the benefit of price increases across most of the portfolio. Our new product innovation program delivered record levels in fiscal '12, with over 3 points of incremental sales growth. And our integrated marketing plan continued to drive strong market share results. We feel great about the quarter and the progress we are making in driving top line growth at a tough economic climate.

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