Pinnacle West Capital Corporation ( PNW) Q4 2011 Earnings Call February 24, 2012 11:00 a.m. ET Executives Rebecca Hickman – Director, IR James Hatfield – SVP, CFO and Treasurer Donald Brandt – Chairman, President and CEO Jeff Guldner - VP, Rates & Regulation, Arizona Public Service Company Analysts Shar Pourreza – Citigroup Michael Lapides - Goldman Sachs Scott Senchak - Decade Capital PresentationOperator
Greetings, and welcome to the Pinnacle West Capital Corporation 2011 Fourth Quarter and Year-End Earnings Conference Call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. (Operator Instructions) As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Rebecca Hickman, Director of Investor Relations. Thank you, Ms. Hickman, you may begin. Rebecca Hickman Thank you, Christine. I’d like to thank everyone for participating in this conference call and webcast to review our fourth quarter and full year 2011 earnings, recent developments and operating performance. Our speakers today will be our Chairman and CEO, Don Brandt; and our CFO, Jim Hatfield. Jeff Guldner, who is APS Vice President of Rates and Regulation is also here with us. Before I turn the call over to our speakers, I need to cover a few details with you. First, the slides to which we refer are available on our Investor Relations website, along with our earnings release, supplemental information on our earnings variances and operating statistics, the webcast and the Form 8-K filed this morning. Please note that slides contain reconciliations of certain non-GAAP financial information. Also, all of our references to per share amounts will be after income taxes and based on diluted shares outstanding.