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Hillshire Brands Management Discusses Q4 2012 Results - Earnings Call Transcript

You already know that today's discussion will be focused on results for adjusted operating segment income from continuing ops. I'd like to highlight some other changes that we've made in our reporting to provide our investors with information that is most reflective of how we manage our business. As we highlighted at Investor Day, the Aidells and Gallo businesses are now being reported in the Retail segment, while hog and commodity pork and turkey sales are being reported in the Foodservice segment. Our segment names have also been slightly tweaked. Results from acquisition are now included in our results from the time of acquisition. In previous reporting, we had backed out the impact of those sales as a reconciling item between reported and adjusted results. You'll still see the impact of acquisitions, in this case, Aidells, in our earnings release. We are also discussing total adjusted sales and organic sales performance, which is without acquisition results and excludes changes in foreign currency movement. And finally, results for businesses that have been disposed of or exited, such as our Senseo business, are now backed out of all reported period.

To help you understand the year-over-year changes earlier this morning, we filed a current report on Form 8-K that contains our quarterly segment results for fiscal 2012 and fiscal 2011, consistent with the basis of presentation reported in the press release.

We will take your questions after management's prepared remarks conclude. And I'll now turn the call over to our CEO, Sean Connolly. Sean?

Sean M. Connolly

Thanks, Melissa. Good morning, everyone. Maria and I are excited to be speaking with you today and share the results of our fourth quarter and fiscal 2012 performance. But before I jump into the quarterly results, let me just step back a minute and frame up the big picture for you. 2 months ago, we shared with you our plans to unleash the potential of our company and drive strong and sustainable shareholder returns. These plans included our vision to become the most innovative meat-centric food company in the U.S. This growth-oriented vision was born of a clear-eyed recognition that our greatest assets are our brands and that attempting to simply cut our way through to prosperity wouldn't drive a different outcome than we delivered before. We also outlined the steps that we're taking to realize this vision, steps like upgrading our capabilities and team, fixing some underperforming businesses, increasing our commitment to advertising and rebuilding the innovation pipeline. And to fund these investments, we've committed to delivering $100 million in cost savings over the next 3 years.

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