In addition, we will be referring to both GAAP and non-GAAP financial measures. Our recently published earnings release contains definitions of these non-GAAP measures and a reconciliation of these non-GAAP measures to the most comparable GAAP measures. Our earnings release can be found in the news release section of our website at apfc.com. I will now turn the call over to Joe.

Joe Carleone

Thank you, Linda. Good afternoon, ladies and gentlemen, and thank you for joining our conference call. Our operating results for this first quarter, while not where we want them to be, are consistent with our expectations. Also, our expectations for the remainder of the year have not changed. We are therefore, reaffirming our guidance for fiscal 2011.

As indicated in our last call and substantiated in our first quarter bookings, our business opportunities continue to increase, especially in our Fine Chemicals and Aerospace segments. Also in the first quarter, our Fine Chemicals segment entered into a new, three-year supply agreement with Gilead. In the latter part of the year, we see performance levels that are more indicative of what AMPAC should be providing.

As described in our last call, 2010 was a year of repositioning our company. We now enter a year of transition, back to an improved profitability level by the end of the year. We are building upon our core products, which have comeback considerably from last year.

We are adding new products and customers, especially in our Fine Chemicals segment. These activities will strengthen our company and secure our growth profile for the future.

Let us now discuss each of the business segments beginning with our Fine Chemicals segment. While there is a continuing effect of the reduced production in 2010 penetrating into the first and second quarters of fiscal 2011, our Fine Chemicals segment is poised to return to profitability based on [military] orders for it’s core products.

If you liked this article you might like

Towers Watson & Co. - Analyst/Investor Day

Cresud's CEO Discusses F2Q12 Results - Earnings Call Transcript

Ocean Power Technologies Management Discusses Q1 2013 Results - Earnings Call Transcript

Microsemi Corporation - Analyst/Investor Day

Lattice Semiconductor's CEO Presents At Deutsche Bank's DbAccess 2012 Technology Conference (Transcript)