West Pharmaceutical Services, Inc. (WST) Q1 2010 Earnings Call April 29, 2009 9:00 am ET Executives John Woolford - Westwicke Partners, IR Don Morel - Chairman and CEO Bill Federici - CFO Analysts Arnie Ursaner- CJS Securities Raphael - UBS Ross Taylor - CL King Andrew Hilgenbrink - Jefferies & Company Jim Sidoti - Sidoti & Company Presentation Operator
Many of the factors that will determine the company's future results are beyond the ability of the company to control or predict. These statements are subject to known or unknown risks or uncertainties, and therefore, actual results could differ materially from past results and those expressed or implied in any forward-looking statement. You should bear this in mind as you consider forward-looking statements. For a non-exclusive list of those factors, which could cause actual results to differ from expectations, please refer to today's press release.Investors are also advised to consult any further disclosures the company makes on related subjects in the company's 10-K, 10-Q and 8-K reports. The company undertakes no obligation to publicly update forward-looking statements whether as a result of new information, future events or otherwise. In addition, during today’s call management may make reference to non-GAAP financial measures including adjusted operating profits and adjusted diluted EPS. These measures have no standardized meaning prescribed by U.S. GAAP and therefore, may not be comparable to and should not be viewed as a substitute for U.S. GAAP operating income or diluted EPS. Reconciliations of the non-GAAP financial measures to the most comparable financial results prepared in conformity to GAAP are provided in the materials accompanying this morning's earnings release. Again this call is being recorded on behalf of West and is copyrighted material. It cannot be rerecorded or rebroadcast without the company's expressed permission. Your participation on this call implies your consent to our taping. At this time, I would like to turn the call over to Don Morel, Chairman and CEO. Don? Don Morel Thanks you, John, and good morning everyone. Welcome to West's 2010 first quarter conference call. Joining me for the call today is Bill Federici, West's Chief Financial Officer and Mike Anderson, our Treasurer and primary Investor Relations contact.
As we work our way through the call this morning, Bill and I will again utilize the PowerPoint slide that's posted on our website and we'll call out the slide number we are referring to in our commentary.I would also like to remind everyone that we will be reporting our results using the Pharmaceutical Packaging Systems and Pharmaceutical Delivery Systems' segments outlined in our February year-end call. The Pharmaceutical Packaging Systems segment is comprised of our global component's business which is currently forecasted in the range of $770 million to $790 million in revenues for 2010. This segment has responsibility for brand such as Westar, FluroTec, Envision and NovaPure, in addition to our historic disposable medical device, veterinary, diagnostic and dental products businesses. Delivery Systems brings together the Tech Group contract manufacturing operations, Medimop, Plastef and programs approaching commercializing such as the Daikyo Crystal Zenith silicone-free syringe system, NovaGuard, a proprietary auto-injector ConfiDose as well as our ongoing innovation programs. The Delivery Systems segment is expecting sales in the range of $320 million to $330 million for 2010. Before discussing our Q1 results, I would like to remind those listening that West will host an Investor Day in New York on May 6th beginning at 8 a.m. Details for this meeting and information on attending can be found on slide number three. The presentations will highlight market trends in our major pharmaceutical and device markets, key growth initiatives in both operating segments to achieve our five-year financial targets and the new product case study that illustrates the timeline for capital investment, production system validation and regulatory and customary approval leading to eventual sales representing a typical West product. There will also be a series of displays highlighting our CZ platform and other new products Read the rest of this transcript for free on seekingalpha.com