During this call, Al will provide a strategic overview, Sal will discuss the performance of our business segments and Doug will provide an overview of the company's financial results for the fiscal fourth quarter ended June 30, 2012. Following that we will open the call for questions.
With that I'd now like to turn the call over to Al Eilender. Al?
Thanks, Amy and good morning everyone. We are very pleased with our results for fiscal year 2012 as we generated record sales, gross profit and net income. Our sales increased by 7.7% to a record level of 444 million, despite the fact that we withdrew for 2012 from the low margin glyphosate business that we were involved with in fiscal year 2011. If we excluded the 24 million in glyphosate sales generated in fiscal 2011, in order to provided apples to apple comparison sales increased by even more impressive 14%.We experienced significant margin expansion largely due to the full-year inclusion of the higher margin rising pharmaceuticals generics business contracted to the six months in fiscal 2011 and also improved product mix. For fiscal 2012 we reported earnings per share of $0.63 a share compared to $0.34 of share in fiscal 2011, an 85% increase. After adjusting for one-time charges in both periods which were explained in the press we generated pro forma earnings per share of $0.65 in fiscal 2012 compared to $0.47 pro forma in fiscal 2011, an increase of 38%. These results I feel clearly demonstrate that we continue to execute on our plan. With our renamed and reconfigured business segments, human health, pharmaceutical ingredients and performance chemicals, our core strategy continues to focus on expanding our product offerings by partnering with manufacturing sources to develop and ultimately distribute products, both domestically and internationally. In fiscal 2012 we launched seven new finished dosage generic products in our Human Health segment through our rising pharmaceutical subsidiary which included three launches in fiscal fourth quarter. We expect to launch an additional nine products in fiscal 2013 and our pipeline remains very strong with visibility through fiscal 2015. Ron Gold of course will discuss this in more details later on in our discussion.