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August 07, 2012 04:45 p.m. ET
Bill Ruprecht – President & CEO
Bill Sheridan – CFO
Oliver Chen – Citigroup
George Sutton – Craig-Hallum
Rommel Dionisio – Wedbush Securities
Nick Hiller – Stephens
Marc Riddick – Williams Capital
Good afternoon, ladies and gentlemen, and welcome to Sotheby’s Second Quarter 2012 Earnings Conference Call. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session. (Operator Instructions) As a reminder, ladies and gentlemen, this conference is being recorded.
During the course of the call, the company may make projections or other forward-looking statements regarding future events or the future financial performance of the company. We wish to caution you that such projections and statements are only predictions and involve risks and uncertainties resulting in the possibility that the actual events or performance will differ materially from such predictions. We refer you to the documents the company files periodically with the Securities and Exchange Commission, specifically the company’s most recently filed Form 10-Q and 10-K. These documents identify important factors that could cause the actual results to differ materially from those contained in the projections or forward-looking statements.
At this time, I would like to introduce you to Bill Ruprecht, President and Chief Executive Officer, and Bill Sheridan, Chief Financial Officer. Mr. Ruprecht, please go ahead.
Thank you, Karen, and welcome, everybody to this summer call. Appreciate your interest in Sotheby’s.
Our results reflect the global economy, which we’re all experiencing. In the second quarter of this year, 2012, revenues decreased 18% and net income decreased $41.8 million, from the record level of the prior second quarter, which was the best quarterly result in our 265-year history.