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We posted to the IR portion of the website a set of PowerPoint slides that contain summary financial information. Those slides supplement the information we discuss on this call, including non-GAAP reconciliations. I need to remind you that remarks today concerning future expectations, events, objectives, strategies, trends or results constitute forward-looking statements. Actual results or events may differ materially due to a number of risks and uncertainties, and the company undertakes no obligation to update or revise these statements. For a summary of these risk factors and additional information, please refer to yesterday's press release and the section in our 10-K entitled Forward-Looking Statements.I'll now turn the call over to Dave Haffner. David S. Haffner Good morning, and thank you for participating in our call. Yesterday, we reported fourth quarter and full year 2011 earnings. For the quarter, earnings were $0.06 per share and included $0.16 per share of costs associated with the restructuring activities that we announced in late December. Earnings per share, excluding these costs, were $0.22 in the quarter. In the fourth quarter 2010, we earned $0.21 per share. Fourth quarter same location sales grew 6% versus the prior year largely from items that brought little incremental profit. Raw material-related price inflation and trade sales from our steel mill accounted for the bulk of the growth with unit volumes from our other businesses in total adding about 1% to sales. Earnings per share for the full year 2011 adjusted to exclude the fourth quarter restructuring related costs were $1.20 per share. In 2010, we earned $1.15 per share. The increase is primarily due to a lower share count, a lower effective tax rate and slightly higher sales partially offset by higher selling and administrative expense and other costs. Sales grew 8% in 2011 largely from inflation, currency rate changes and trade sales from our steel mill.
Across the company as a whole, unit volume increased slightly. Demand improved in certain of our markets during 2011 with automotive and office furniture leading the way. In contrast, stagnant demand negatively impacted our major residential markets. Many consumers continued to postpone spending on larger ticket items such as bedding and furniture in the phase of ongoing weak economy.On the third quarter earnings call, we stated that our view of continuing demand weakness in certain of our markets and our plan to initiate actions that would yield improved ongoing profitability. In late December, we announced further restructuring which included the closure of 4 production facilities along with other cost reductions. These activities resulted in a $0.16 per share, predominantly noncash charge to earnings during the fourth quarter. The restructuring-related activities that we initiated during 2011 in total should benefit 2012 earnings per share by approximately $0.07 to $0.10. We were very pleased to report in late December that we were acquiring Western Pneumatic Tube, a leading provider to the aerospace industry of integral components for critical aircraft systems. Our strategic long-term 4% to 5% annual growth objective envisions periodic acquisitions of companies exactly like Western. High-quality businesses with secure leading positions in growing, profitable, attractive markets and that makes sense to be part of Leggett & Platt. The acquisition was completed on January 12 and is expected to be slightly accretive to EPS in 2012. Operating cash for the fourth quarter was $127 million, bringing the full year 2011 operating cash to $329 million. With concerns about weak markets, our operating folks continue to closely monitor the working capital levels. We ended the year with working capital at 11.8% of annualized sales. Now current liabilities include approximately $30 million associated with an interest rate swap that we entered in 2010. Read the rest of this transcript for free on seekingalpha.com