We refer you to Caribou Coffee's recent filings with the SEC for a more detailed discussion of the risks and uncertainties that could impact the future operating results and financial condition. Specifically, these risks and uncertainties are described in our most recent annual report on Form 10-K which is on filed with the SEC.
On today’s call we will also discuss some non-GAAP financial measures as we talk about the company’s performance. These will include financial terms such as EBITDA and pro forma net income. While these are non-GAAP measures, management believe they are useful tools in evaluating the company’s performance.
Reconciliations of these non-GAAP measures to the GAAP measures we consider most comparable can be found in today’s press release, which is also available on our website in the Investor section.
With that, I would now like to turn the call over to Mike Tattersfield, our CEO.Mike Tattersfield Thank you, Mike, and good afternoon, everyone joining us on today’s call. Tim and I will walk through some highlights of our second quarter’s performance, as well as update you on our outlook for the reminder of 2012. We’ll then open up the call for any questions you may have. We are confident in our multi-channel branded coffee company’s strategy and believe that we are still on the early innings of that growth strategy. On our last call we communicated the shift in our topline growth trajectory, due to one component of our growth strategy, specifically our licensing business with Green Mountain Coffee Roasters. In light of those revised estimates, our second quarter results were very much in line with our expectation, and in someway slightly better. Consolidated net sales of $81.1 million, were up approximately 1% compared to the same quarter last year. This was a result of 3.3% in our retail coffeehouses channel, including 2.8% comparable coffeehouses sales growth, 6% growth in our franchise segment and an 8% decline in our commercial business.