And then real quick, we’ll go to the next one. This is our agenda. This is what I plan to talk about today with you. As you can see particularly if you are familiar with, if you are not familiar with us. We have made some excellent progress over the last few years, growing our sales, our EBITDA and earnings per share.
We’ve been generating returns well above our cost-to-capital and we continue to generate strong fee cash flow. The bulk of our free cash flow has been used to reduce our net debt and today our net debt is close to zero. We are clearly under leveraged and positioned, and this has position us to take advantage of investment opportunities.
Our CapEx has increased significantly as we work on high rated return projects, it also enables us to look at complimentary acquisitions and return cash to shareholders through the combination of dividends and share repurchases.
Reflecting that, we initiated our first dividend in Buckeye’s history on August of 2010 and we have raised it four times since then and have repurchased over 3% of our stock outstanding during fiscal year 2012.Despite our strong performance, our stock trades at lower EBITDA multiples in the average paper company. Analysts compare us to other paper companies most of which we have little in common world. Looking at our margins, our return on invested capital and product mix all of which I will be discussing. We are much closer to our financial and product characteristic in specialty chemical companies, which trade at much high multiples. Many of our customers are chemical companies. Our major product, high-purity pulp is a chemical product. Now let me explain our products and results, so if you can understand us better and view us properly, after that I will discuss our vision and how we are positioned to continue to generate increased shareholder value.