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August 09, 2012 09:00 am ET
Jim Sober - VP Finance
Todd Nelson - CEO
Ed West - President & CFO
Gary Bisbee - Barclays
Reza Vahabzadeh - Barclays
Jeff Volshteyn - JPMorgan
Bob Craig - Stifel Nicolaus
Suzi Stein - Morgan Stanley
Brandon Dobell - William Blair
Corey Greendale - First Analysis
Kelly Flynn - Credit Suisse
Jeff Silber - BMO Capital Markets
Trace Urdan - Wunderlich Securities
Sara Gubins - Bank of America Merrill Lynch
Jeff Meuler - Robert W Baird
Good day and welcome to the Education Management Corporation's fiscal 2012 fourth quarter earnings call. All participants will be in listen-only mode. (Operator Instructions). After today's presentation there will be an opportunity to ask questions. (Operator Instructions) Please also note this event is being recorded. I would now like to turn the conference over to Jim Sober, Vice President of Finance. Please go ahead sir.
Thank you, operator. Welcome to Education Management's fiscal 2012 fourth quarter earnings call. With me on the call today are Todd Nelson, Chief Executive Officer; who will succeed Jock McKernan as Chairman of the Board of Directors effective August 15, 2012, and Ed West, currently President and Chief Financial Officer, who will become the company’s new Chief Executive Officer. Following our opening remarks, we will begin the question-and-answer session.
During the session we ask that you please limit yourself to one question and not more than one follow-up question to ensure that we can respond to the many participants on today’s call.