As is customary, let me reiterate the Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995. The following discussion contains forward looking statements that are subject to risks and uncertainties including those risks set forth in Metalico’s filings with the SEC. These risks could cause actual results for the current period and beyond to differ materially from those expressed in any forward looking statements made by or on behalf of the company.
We refer you to Metalico’s periodic reports that are filed from time to time with the SEC. For a more detailed discussion, or forward looking statement, any discussion of the factors that could cause results to differ materially from the discussion today, please refer to the Risk Factor Discussion in Metalico’s Annual Report on form 10-K for 2011, which is also available online.
In addition, during the course of the conference call, certain non-GAAP financial measures may be described which should be considered in addition to and not in lieu of comparable GAAP financial measures. The company has provided reconciliations of these non-GAAP measures to what it believes are the most directly comparable GAAP measures in the earnings released.
Thank you ladies and gentlemen. I would now like to turn the call over to Mr. Carlos Aguero, President and Chief Executive Officer of Metalico.Carlos Aguero
Welcome and thank you for joining us today. With me here are Michael Drury, our Executive Vice President and Chief Operating Officer at PGM, minor metal and lead operations and Kevin Whalen, Senior Vice President and Chief Financial Officer. Following my remarks we’ll be available for questions. We will also post a transcript of our remarks along with the question and answer session on our website, when the transcript becomes available after the call. As reported earlier this morning, the company’s ferrous and non-ferrous recycling business generated operating income before profit overhead despite tough market conditions, although at reduced metal margins compared to our prior year. In fact, this quarter all segments operated profitably before operating overhead.