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Our EBITDA for 2011 was $90.2 million, we achieved the milestones in the midst of the prolonged construction recession. The results are testimony to our efficient operations in a disciplined pricing environment that drove the improved spreads we discussed earlier. We continue to support industry price increases in an effort to maintain an increased margins and we believe our superior order fill rates continue to enhance our competitive position. As our electrical distributor customers are holding lean inventories in the field and as orders come in from electrical contractors, the distributors can count on our order fill rates to ensure quick deliveries from coast to coast. We’ve been able to accomplish this despite holding order historically lean inventory levels for us.We believe our performance is impressive in this economy, we think our employees and associates for the tremendous efforts, we’d also like to thank our stockholders for their continued support. Frank Bilban, our Chief Financial Officer will now discuss our financial results. Frank? Frank Bilban Thank you Daniel. In a minute we will review Encore’s financial results for the quarter. After the financial review we will take any questions you might have. Each of you should receive the copy of Encore’s press release covering Encore’s financial results. The release is available on the internet or you can call Tracy West at 800-962-9473 and we will get you a copy. Before we review the financials, let me indicate that throughout this conference call we may make certain statements that might be considered to be forward looking. In order to comply with certain securities legislation and instead of attempting to identify each particular statement as forward looking, we advise you that all such statements involve certain risks and uncertainties that could cause actual results to differ materially from those discussed here today. I refer each of you to the company’s SEC reports and news releases for a more detailed discussion of these risks and uncertainties.
Also reconciliations of non-GAAP financial measures discussed during this call to the most directly comparable financial measures presented in accordance with GAAP including EBITDA, which we believe to be useful supplemental information for investors are posted on www.encorewire.com.Now for the financials. Net sales for the fourth quarter ended December 31, 2011 were $248.3 million compared to $256.2 million during the fourth quarter of 2010. Prices for building wires sold in the quarter ended December 31, 2011 were virtually flat versus the same period in 2010. Unit volume in the fourth quarter of 2011 decreased 3.4% versus the fourth quarter of 2010. Net income for the fourth quarter of 2011 increased 259.7% to $16.3 million versus $4.5 million in the fourth quarter of 2010. Fully diluted net earnings per common share increased 258.4% to $0.69 in the fourth quarter of 2011 versus $0.19 in the fourth quarter of 2010. Net sales for the year ended December 31, 2011 were 1.18 billion compared to 910.2 million during the same period in 2010. Higher prices for building wires sold in the year ended December 31, 2011 accounted for most of the increase in net sales dollars, increasing 22.2% per copper pound versus the same period in 2010. Unit volume in the year ended December 31, 2011 also helped to increase net sales dollars, increasing 6.2% versus 2010. Net income for the year-ended December 31, 2011 increased 227.9% to $50.1 million versus $15.3 million in the same period in 2010. Fully diluted net earnings per common share increased 226.9% to $2.14 for the year ended December 31, 2011 versus $0.66 in the same period of 2010. Read the rest of this transcript for free on seekingalpha.com