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During today’s conference call, we’ll discuss some forward-looking statements regarding Broadridge that involve risks. These risks are summarized here on Slide No. 1 and we encourage the participants to refer to our SEC filings, including our annual report on Form 10-K for a complete discussion of forward-looking statements and the risk factors faced by our business.Before we begin, I’d like to point out to everyone that as a result of the Penson transaction that we closed in the fourth quarter of fiscal year 2010, the clearing business is now shown as discontinued operations and our remaining outsourcing business is now part of the security processing solutions segment. Also as a result of the reporting treatment of the Penson transaction, the financial results discussed today will address continuing operations unless otherwise stated. Our non-GAAP results exclude the other than temporary impairment charge recorded this quarter for our investment in the Penson common stock and the impact of the costs the Company expects to incur in connection with the migration of our data center to IBM. These one-time costs are significant and we believe the non-GAAP information provides a better representation of our actual performance. Now let’s turn to Slide No. 2 and view today’s agenda. Rich Daly will start today’s call with his opening remarks and will provide you with a summary of the financial highlights for the second quarter of fiscal year 2012 followed by a discussion of a few key topics. Dan Sheldon will then review the second quarter and year-to-date fiscal year 2012 financial results in further detail. Rich will then return and provide his overall summary and some closing thoughts before we head into the question and answer part of the call. Now please turn to Slide No. 3 and I’ll turn the call over to Rich Daly. Rich?
Richard DalyThanks, Rick. Good morning everyone. This morning as part of my opening remarks, I’ll talk about the following topics. First I’ll start with an overview of our second quarter fiscal year 2012 financial highlights and guidance; then I’ll discuss our closed sales performance followed by an update on our acquisition portfolio. After Dan provides you more of the financial details, I’ll wrap it up as usual with my closing comments. Let’s start on Slide No. 4, our second quarter fiscal year 2012 financial highlights. Overall I’m satisfied with our second quarter financial results. Our revenues were up 8% for the quarter versus fiscal year 2011 as a result of net new business, internal growth, acquisitions, and the Penson outsourcing services agreement. Client revenue retention remained very strong at 99%; however, event-driven revenues declined slightly. Year-to-date, revenues were up 11%. I am pleased with our non-GAAP diluted earnings per share results. They were up 50% to $0.12 for the second quarter and 42% year-to-date as compared with the comparable periods in fiscal year 2011. This increase was driven primarily by higher revenues. Given that the majority of our earnings are generated in the fourth quarter of our fiscal year, our strong year-over-year improvement in the first half of this year is really nice but not as significant to our overall performance as these earnings growth percentages imply. While our results for the first six months of our fiscal year are solid, event-driven revenues and the related distribution revenues are down slightly. Accordingly, we are lowering our revenue guidance slightly to 8 to 9% growth to reflect the first half of the fiscal year’s actual event-driven revenue results. We are reaffirming our full-year earnings per share guidance of $1.50 to $1.60. As we have previously discussed, our path to $2 earnings per share for fiscal year 2013 would likely require a return of event-driven revenues to historical normal levels, and without that return, which is worth about $0.20 per share, we anticipate earnings per share of approximately $1.80. Even though we weren’t planning on a significant increase in event-driven revenues this year due to the weak economy and funds still needing investors to return, we would still love to see some improvement in mutual fund proxy activity. We believe that discussing earnings with and without the return of event-driven revenues is the best way to present our future path to strong earnings growth. Read the rest of this transcript for free on seekingalpha.com